Bitcoin News Today: "Bitcoin's 7-Year OG Whale Shifts $4 Billion to Ethereum, Raising Market Questions"

Gold prices surged to a record $3,500 per ounce as investors shifted capital away from Bitcoin and into Ethereum, according to market observers. A major Bitcoin whale—long-term holders of large amounts of BTC—has been actively converting Bitcoin holdings into Ethereum, triggering speculation about broader market sentiment and fund flows. This trend aligns with the broader movement of capital from Bitcoin to Ethereum, which has been amplified by on-chain data and analytics platforms.

According to on-chain analytics firm Lookonchain, a single whale wallet sold 2,000 BTC—equivalent to $215 million—as of Monday, acquiring 48,942 ETH in the process. This marked the latest in a series of transactions that began over the weekend, during which the whale sold 4,000 BTC for 96,859 ETH, according to reports. This whale, which had been dormant for seven years, now holds nearly $4 billion worth of Ethereum, having previously owned over $5 billion in Bitcoin.

The rotation from Bitcoin to Ethereum has also been reflected in the performance of spot exchange-traded funds (ETFs). Data from SoSoValue shows that spot Bitcoin ETFs experienced a total net outflow of $751 million in August, while Ethereum ETFs recorded net inflows of $3.87 billion in the same period. These figures highlight a shifting preference among institutional and large retail investors toward Ethereum, which has seen significant upgrades and growing adoption of decentralized applications.

Analysts suggest that whale activity can influence broader market trends, as smaller investors often follow the moves of large holders. This phenomenon was evident in July when another whale, dormant for 15 years, moved and likely sold 80,000 BTC, contributing to price volatility. The recent movement of capital from Bitcoin to Ethereum suggests a potential recalibration of portfolio allocations, particularly in a market where investors are increasingly prioritizing assets with clearer use cases and technical improvements.

As of 4:45 a.m. on Monday, Bitcoin was trading at $109,551, up 0.45% from the previous day, while Ethereum edged slightly lower to $4,471.5, down 0.04%. Despite the dip in ether’s price, the overall inflow into Ethereum-based assets indicates sustained institutional interest. The Block, a leading crypto analytics provider, noted that the market remains in a period of consolidation, with Ethereum positioned to benefit from ongoing upgrades and network activity.

Source: [1] Bitcoin OG Whale Moves $4 Billion to Ethereum (https://www.theblock.co/amp/post/368892/bitcoin-og-whale-4-billion-ethereum)