Bitcoin Whale Moves $267M to Ethereum After 7 Years of Silence
A long-inactive Bitcoin whale investor has returned to the crypto market after seven years, signaling a notable shift toward Ethereum (ETH), the top altcoin by market capitalization. According to blockchain analytics platform Lookonchain, this investor originally received 100,784 BTC—worth approximately $642 million at the time—but remained dormant until recently.
In a surprising move, the whale liquidated a significant portion of their Bitcoin holdings and purchased 62,914 ETH through spot trading, valued at around $267 million. This strategic pivot highlights growing interest in Ethereum among major market players.
Another Whale Joins the Ethereum Shift
Lookonchain also identified a second large Bitcoin holder with similar behavior. This investor, who received 85,947 BTC seven years ago, deposited BTC into Hyperliquid, a platform facilitating crypto trades, and began acquiring Ethereum. Despite recent transactions, this whale still controls six wallets holding a massive 83,585 BTC, currently valued near $9.42 billion.
These patterns suggest a broader trend among institutional investors who may be reallocating assets from Bitcoin to Ethereum amid shifting market dynamics.
Ethereum’s Rising Market Momentum
Ethereum continues to demonstrate strong momentum despite recent price fluctuations. On August 20, ETH futures contracts on the Chicago Mercantile Exchange (CME) reached an all-time high with over $8.3 billion in open interest—a record for ETH derivatives on the platform.
Market observers point to growing inflows into spot Ethereum ETFs throughout August as a sign of increasing confidence. Crypto analyst Michael Terpin commented that “ETH is preparing to outperform BTC” given these substantial capital movements.
As of this writing, Ethereum’s price rose slightly by 1.08% to $4,341 over the past 24 hours, while Bitcoin saw a modest decline of 0.6%, trading around $113,009.
