Bitcoin Whale Moves to $270M in Ethereum

A Bitcoin wallet that had been inactive for seven years has recently come back to life, liquidating a large portion of its Bitcoin holdings and investing in Ethereum. Blockchain analytics firm Lookonchain reported that this whale wallet, which originally received 100,784 BTC seven years ago, has exchanged its funds for 62,914 ETH, valued at approximately $270 million based on spot purchases, while establishing a derivatives long position of 135,265 ETH, totaling $580 million. This movement might reflect a broader strategy by the individual or entity behind multiple wallets. Lookonchain noted, "We have detected another Bitcoin OG depositing BTC into Hyperliquid to conduct trades and acquire ETH." Analysis shows that this individual received 85,947 BTC seven years ago, aligning with the trading pattern of a previously reported OG. Screenshots provided by Arkham Intelligence illustrate transactions from exchanges like HTX, dating back to 2018, followed by recent transfers to Hyperliquid’s hot wallets and ETH purchases. Lookonchain has identified six wallets allegedly associated with the same whale, currently holding 83,585 BTC—amounting to $9.45 billion. Recent weeks have seen several long-term Bitcoin holders reactivating their wallets, moving billions of dollars in cryptocurrency as the market reaches unexpected highs. The move from Bitcoin to Ethereum occurs at a pivotal moment, as Bitcoin fell to a two-week low of around $112,000 earlier today, while Ethereum approaches its all-time high of $4,878 set in 2021. Notably, trends in spot crypto ETFs reflect this shift, with inflows into Ethereum ETFs surpassing those in Bitcoin ETFs recently. On Thursday, Bitcoin ETFs recorded $194.3 million in daily net outflows compared to net inflows of $287.6 million for ether ETFs, according to SoSoValue data. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures holds a majority stake in The Block and invests in other cryptocurrency companies. Bitget serves as an anchor LP for Foresight Ventures. The Block maintains its independence to deliver unbiased and timely information on the crypto industry. Current financial disclosures are available. © 2025 The Block. All Rights Reserved. This article is for informational purposes only and does not constitute financial, tax, legal, or other advice.