Erik Voorhees’ linked wallet exchanged $4.8 million ETH for BCH on THORChain

A wallet associated with cryptocurrency entrepreneur Eric Voorhees has moved another large tranche of Ethereum to THORChain. Where it was exchanged for Bitcoin Cash. On-chain data shows that the address deposited 1,635 ETH, worth approximately $4.8 million, to execute the transaction. Blockchain trackers flagged the transaction on December 25th. This activity continues a pattern of ETH to BCH swaps associated with the same wallet in recent weeks.

On-chain transfers point to continued ETH to BCH rotation

Data from Arkham and THORChain Explorer shows that ETH has been transferred. From the address commonly associated with Erik Voorhees to the THORChain vault address. From there, the funds were split into multiple swap transactions. This is a method often used to reduce slippage on large trades.

After the latest transfer, there is still approximately 4,000 ETH (worth $11.7 million) in the wallet. This suggests that holders have not completely exited their Ethereum exposure and are continuing to rotate some of their holdings. Importantly, the swap took place entirely on-chain. There was no interaction with a centralized exchange. This limits visibility of intent but confirms execution through decentralized liquidity.

Total ETH swaps exceed $13 million in 2 weeks of activity

This is not an isolated movement. Over the past two weeks, approximately 4,619 ETH was exchanged for approximately 24,950 Bitcoin Cash in the same wallet. At the time of execution, these ETH holdings were worth over $13 million. Previous tracking reports noted that the wallet remained largely dormant for years before becoming active again. Its revitalization and rapid series of swaps drew attention as Eric Voorhees has long been a public supporter of Bitcoin Cash. THORChain now allows direct cross-chain swaps without wrapped assets or administrative intermediaries. Each transaction appears as a separate swap and is processed within the same block range.

Why THORChain is important for this transaction

THORChain acts as a decentralized liquidity network that enables cross-chain native asset exchange. In this case, the system allowed users to directly exchange ETH to BCH without any bridging or central management. Large traders often use THORChain for cross-chain rebalancing. However, the protocol's public ledger also makes it easier to track such activity. That transparency has fueled speculation whenever high-profile wallets move funds. So far, there is no indication that the received BCH was immediately sold or moved off-chain. The destination address suggests accumulation rather than redistribution.

Market background and open questions

The swap took place at a time of mixed market sentiment. While Ethereum is facing moderate pressure, Bitcoin Cash has experienced intermittent spikes in trading volume. Still, analysts caution against drawing broad conclusions from the behavior of a single wallet. Neither Eric Voorhees nor his affiliates have commented publicly on the deal. As a result, the motive remains unknown. It may reflect portfolio rebalancing, long-term beliefs, or personal wealth management.

What is clear is that this activity highlights just how visible and large decentralized swaps have become. Use tools like Arkham and public DEX explorers. Important movements on the chain are rarely missed. Currently, the wallet continues to hold both ETH and BCH. Further transfers could provide further clues about the strategy behind the rotation.