Bitcoin whale wakes after seven years, rotates holdings into $270 million worth of ETH

The Block

2025-08-22 17:02:28

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A wallet that had been dormant for seven years recently became active, selling a bulk of its Bitcoin while increasing its stake in Ethereum.

According to blockchain analytics firm Lookonchain, the whale wallet that initially received 100,784 BTC seven years ago recently rotated funds into 62,914 ETH, worth around $270 million in spot purchases, while establishing a 135,265 ETH ($580 million) derivatives long position.

The analytics firm suggested that this may be part of a broader strategy by the same individual or entity controlling multiple wallets.

"We just spotted another Bitcoin OG depositing BTC into Hyperliquid to sell and buy ETH," Lookonchain said. "On-chain tracking shows this OG received 85,947 BTC 7 years ago — matching the trading pattern of the OG we reported recently."

Screenshots from Arkham Intelligence shared in the post show inflows from exchanges like HTX dating back to 2018, followed by recent outflows to Hyperliquid's hot wallets and subsequent ETH acquisitions.

Lookonchain said it has identified six wallets allegedly linked to the same whale, holding 83,585 BTC, which is worth $9.45 billion. In recent weeks, the market has seen multiple ancient bitcoin holders reactivate their wallets, transferring billions worth of crypto as the market reached unforeseen highs.

The switchout from Bitcoin to Ethereum comes at a notable time, coinciding with the world's largest cryptocurrency dipping to a two-week low of around $112,000 earlier today. Meanwhile, Ethereum has been moving closer to its all-time high of $4,878 in 2021.

Spot crypto ETFs have shown a similar trend, where flows into spot Ethereum ETFs have outweighed that of bitcoin ETFs recently. On Thursday, bitcoin ETFs saw $194.3 million worth of daily net outflows, while ether ETFs recorded net inflows of $287.6 million, according to SoSoValue data.

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