A significant capital shift has emerged in the cryptocurrency market as a long-dormant Bitcoin whale began converting its holdings into Ethereum. According to on-chain data, the whale, who had been holding 14,837 BTC — valued at approximately $1.67 billion — since at least 2018, moved 1,276 BTC, worth around $147 million, on August 21. This transaction marks a strategic pivot from Bitcoin to Ethereum, with the majority of the proceeds funneled into leveraged long positions on the second-largest cryptocurrency by market capitalization.
The maneuver involved the transfer of BTC into four separate wallets. These wallets were subsequently used on the decentralized exchange Hyperliquid to purchase Ethereum. Notably, three out of the four long positions taken by this whale were leveraged at 10x, accumulating a notional value of $209 million. In total, this whale managed to gather 221,600 ETH, amounting to around $1.06 billion, with some tokens acquired through spot purchases. This sophisticated investment strategy underscores the whale’s history, having originally acquired BTC from major exchanges like Binance and HTX in Bitcoin’s early days.
The whale’s actions hint at a growing trend within the crypto space. Both institutional and retail investors are increasingly pivoting capital from Bitcoin—commonly perceived as a store of value—toward Ethereum, seen as more of a growth asset. Analysts from market intelligence firm Lookonchain observed that this whale and others like it are taking advantage of Ethereum’s evolving infrastructure. Enhanced capabilities like decentralized finance (DeFi) tools, staking options, and interest from corporate treasury strategies render ETH a compelling asset for more dynamic portfolio management compared to BTC.
Ethereum’s price movements have also played a crucial role in this transition. Recently, the token soared to a high of $4,787—a notable 12% increase in just a day—after briefly reclaiming its 2021 high of $4,878. The Bitcoin whale seems to capitalize on this upward momentum, opening leveraged positions around the $4,300 mark. It’s noteworthy that at the time of the trade, Ethereum was still approximately 6.4% below its all-time high, suggesting significant potential for additional gains should bullish sentiment persist.
Market analysts observe that such large-scale movements from dormant wallets can serve as both cautionary signals and opportunities. While these large transactions may introduce short-term volatility, they also reflect a more matured market capable of accommodating significant inflows and outflows without leading to catastrophic failures. For instance, a similar move by a Satoshi-era whale in July 2025, which involved the transfer of 80,000 BTC, resulted in a 5% drop in Bitcoin’s price but did not cause a systemic disruption within the crypto ecosystem. This pattern indicates that while the market remains sensitive to shocks, it is also evolving to better handle substantial institutional trading.
Source: [1] Bitcoin Whale Dumps $75 Million to Go Long on Ethereum [2] Bitcoin Whale Abruptly Wakes Up After Lying Low for Seven Years [3] BTC Whale Dumped Their Bitcoin Bags for Ethereum
