TL;DR
- Dormant Whale: After 7 years of inactivity, a Bitcoin wallet reawakened, selling a large BTC stash to acquire $270M in Ethereum and opening a $580M long position, marking a bold strategic rotation.
- Linked Activity: Six wallets, reportedly tied to the whale, hold $9.45B in BTC and show coordinated moves converting significant Bitcoin holdings into Ethereum.
- Market Context: The shift coincides with Bitcoin’s dip and Ethereum ETF inflows surpassing Bitcoin ETFs, signaling growing investor confidence in Ethereum’s near-term potential.
A long-dormant Bitcoin whale has re-emerged after seven years, executing one of the largest single shifts from BTC to ETH ever recorded. Blockchain data shows the entity sold a significant portion of its Bitcoin holdings to acquire hundreds of millions of dollars’ worth of Ethereum, signaling a bold strategic pivot.
A Bitcoin OG who received 100,784 $BTC($642M) 7 years ago ended his dormancy recently— selling $BTC while buying 62,914 $ETH ($267M) spot and opening a massive 135,265 $ETH($577M) long position.
We just spotted another Bitcoin OG depositing $BTC into #Hyperliquid to sell and buy… pic.twitter.com/qhebN276Lf
— Lookonchain (@lookonchain) August 22, 2025
From Dormancy to Massive Rotation
The wallet, which originally received 100,784 BTC seven years ago, recently became active, according to blockchain analytics firm Lookonchain. It purchased 62,914 ETH in spot markets, valued at approximately $270 million, and opened a 135,265 ETH derivatives long position worth about $580 million. Analysts suggest the move may be part of a coordinated strategy involving multiple wallets controlled by the same entity.
Linked Wallet Activity
Lookonchain found six wallets that are said to be connected to the whale, which together hold 83,585 BTC worth $9.45 billion. One related wallet, which received 85,947 BTC in the same period, followed a similar pattern: depositing Bitcoin to Hyperliquid, selling it, and buying Ethereum. Arkham Intelligence data shows historical inflows from exchanges like HTX since 2018, with recent outflows to Hyperliquid’s hot wallets preceding the ETH acquisitions.
Market Timing and Price Context
The whale’s rotation comes as Bitcoin dipped to a two-week low of around $112,000, while Ethereum edged closer to its 2021 all-time high of $4,878. The timing aligns with a broader market trend favoring ETH, as spot Ethereum ETFs have recently attracted more inflows than Bitcoin ETFs. On Thursday, Bitcoin ETFs experienced net outflows of $194.3 million, whereas Ethereum ETFs had net inflows of $287.6 million, as reported by SoSoValue.
Broader Whale Awakening
This is not an isolated case. Recent weeks have seen multiple “ancient” Bitcoin wallets reactivate, moving billions in crypto as prices hit record levels. The scale and coordination of these moves suggest strategic repositioning among early holders. For Ethereum, the whale’s aggressive accumulation underscores growing institutional and high-net-worth interest, potentially influencing market sentiment as the asset approaches key resistance levels.
