Chiara Bianchi
A Bitcoin whale, recently reactivated after seven years of silence, has made waves in the crypto market once again. After purchasing $2.5 billion worth of Ethereum (ETH) last week, the whale has now moved $1.1 billion in BTC to a new wallet and resumed buying ETH, according to on-chain analytics.
Arkham Intelligence confirmed the development on X, stating:
“A whale holding over $5 billion in Bitcoin is now aggressively buying Ethereum. He just transferred $1.1 billion in BTC and started accumulating ETH through Hyperunit/HL.”
This comes just days after the same wallet accumulated billions in ETH, marking one of the most significant BTC-to-ETH rotations in recent years.
Blockchain tracking platform Lookonchain also reported renewed whale activity. The analytics firm highlighted that the “Bitcoin OG,” who had already accumulated 641,508 ETH worth nearly $3 billion, is back on the market.
After a short two-day pause, the whale deposited another 1,000 BTC ($108.27 million) into Hyperliquid, converting it into ETH spot purchases.
Such aggressive buying has fueled speculation about whether the whale is a single entity or multiple large players acting in coordination.
Market Impact: Bitcoin Slips, Ethereum Surges
The crypto market has clearly felt the ripple effects of this capital shift. Over the past month, Bitcoin has declined by 8%, while Ethereum gained 14%, fueled not only by whale activity but also by surging demand for U.S. spot Ethereum ETFs, which are set to record $4 billion in net inflows for August.
As of Friday afternoon, Bitcoin was trading at $108,702.57, while Ethereum stood at $4,341.20, according to PRIME’s market data.
Whale Wallet Awakens After Seven Years
The whale’s sudden activity has stunned analysts. Last week, Lookonchain revealed that the dormant wallet, which originally held 100,784 BTC, used part of its holdings to acquire 62,914 ETH and open a 135,265 ETH derivatives long position.
However, not everyone believes this movement stems from a single whale. Vincent Liu, CIO at Kronos Research, suggested it could be a group of large players:
“It’s more likely a coordinated effort by multiple whales or even an exchange with massive reserves, rather than a single individual wallet,” Liu explained.
The Bigger Picture
The rotation from Bitcoin to Ethereum is shaping both market sentiment and institutional interest. With Ethereum ETFs gaining traction and whales reallocating capital, the ETH narrative is strengthening as investors anticipate more upside.
