I have heard that some high net worth individuals are unloading all their BTC for ETH.
Reason Being is ETH tends to outperform BTC in Returns in Bull Runs for example in 2017 and 2020. And with ETH recently making a new ATH in USD feels very bullish and looks it may do the same on ETH/BTC pair.
Not sure from what you got these information about high net worth individuals unloading all their bitcoin for ETH, it might be possible as the price of bitcoin touched around $42k and some might book their profit and enter alts especially ETH considering the hype regarding their upgrade and staking. I am not bullish on the long term but will see how long the rally could hold.