Bitcoin News Today: Bitcoin Whale's BTC-to-ETH Rotation: Market's Next Big Shift?

A $10 billion Bitcoin whale has reignited speculation about a potential shift from Bitcoin (BTC) to Ethereum (ETH) after transferring $363.9 million in BTC to Hyperunit, a platform facilitating large-scale crypto swaps. The transaction, identified by blockchain analytics firm Arkham Intelligence$10B Bitcoin Whale Moves $360M in BTC, Fuels ETH Rotation Trends^[1], involved the movement of approximately 3,000 BTC, valued at $121,529 per coin. This follows a similar transfer in August 2025, when the same wallet moved $5 billion in BTC to Hyperunit and subsequently converted the funds into ETH, triggering a short-term 8% rally in Ethereum's price$10B Bitcoin Whale Moves $360M in BTC, Fuels ETH Rotation Trends^[1].

The whale's latest activity has drawn comparisons to its prior strategy, with analysts noting a pattern of rotating holdings between BTC and ETH. According to Arkham, the wallet first executed a small 0.002 BTC transfer before the larger transaction, a common tactic to avoid detection$10,000,000,000 Bitcoin Whale Abruptly Moves $363,810,000 in BTC to Hyperliquid^[2]. Despite the transfer, the whale still holds 29,300 BTC in its primary wallet, worth approximately $3.56 billion at current prices$10,000,000,000 Bitcoin Whale Abruptly Moves $363,810,000 in BTC to Hyperliquid^[2]. This suggests the recent move may be part of a broader diversification strategy rather than a complete exit from Bitcoin.

On-chain data from CryptoQuantBitcoin’s On-Chain Data Signals Profit-Taking by Whales^[3] supports the notion of increased ETH accumulation among large investors. Whale wallets have steadily added ETH holdings throughout Q3 2025, aligning with the whale's historical behavior. Analyst Ted Pillows highlighted that the last ETH purchase by this entity coincided with a nearly $9,000 drop in Bitcoin's price, a pattern that could repeat if the current BTC-to-ETH shift gains momentumBitcoin’s On-Chain Data Signals Profit-Taking by Whales^[3].

Market reactions to the whale's activity have been mixed. Bitcoin's price dipped 2.76% in the 24 hours following the transfer, trading at $121,277, while Ethereum fell 4.4% to $4,479$10B Bitcoin Whale Moves $360M in BTC, Fuels ETH Rotation Trends^[1]. Technical indicators, including the RSI, suggest profit-taking after a recent rally, with both assets entering correction phases. However, some experts remain optimistic about Bitcoin's long-term prospects. Farzam Ehsani of VALR projected BTC could test $130,000–$135,000 in Q4 2025, contingent on stable macroeconomic conditionsBitcoin’s On-Chain Data Signals Profit-Taking by Whales^[3].

Broader whale activity has also intensified, with multiple large transfers reported in October 2025. A separate wallet transferred 32,322 BTC ($3.93 billion) from accounts inactive for three to five yearsBitcoin’s On-Chain Data Signals Profit-Taking by Whales^[3], while another moved 100 BTC ($12.5 million) from a 12-year-old wallet. These movements, coupled with rising average dormancy metrics, signal potential selling pressure from long-term holders. The Coin Days Destroyed (CDD) metric-a proxy for profit-taking-has also spiked, reinforcing concerns about near-term volatilityBitcoin’s On-Chain Data Signals Profit-Taking by Whales^[3].

Despite these signs of distribution, the whale's actions underscore a strategic approach to capital allocation. The use of Hyperunit and Hyperliquid as intermediaries highlights the growing role of decentralized platforms in facilitating large trades while maintaining privacy. As the crypto market digests these developments, investors are closely watching whether the BTC-to-ETH rotation will gain traction, potentially reshaping the broader digital asset landscape.