Bitcoin News Today: A Bitcoin OG Whale Wakes Up—Bets Big on Ethereum's Growth Play

A significant capital shift has emerged in the cryptocurrency market as a long-dormant Bitcoin whale began converting its holdings into Ethereum. According to on-chain data, the whale, who had been holding 14,837 BTC — worth approximately $1.67 billion — since at least 2018, moved 1,276 BTC, valued at around $147 million, on August 21. This move marked a strategic pivot from Bitcoin to Ethereum, with the majority of the proceeds used to open leveraged long positions on the second-largest cryptocurrency by market capitalization [1].

The transaction involved the transfer of the BTC into four separate wallets, which were then used on the decentralized exchange Hyperliquid to purchase Ethereum. Three of the four long positions opened by the whale were leveraged at 10x, amounting to a notional value of $209 million. In total, the whale accumulated 221,600 ETH, valued at $1.06 billion, with a portion of these tokens being acquired as spot purchases. This is a significant move, given the whale’s initial acquisition of BTC from major exchanges like Binance and HTX in the early days of Bitcoin [2].

The whale’s actions suggest a broader trend in the crypto market. Institutional and retail investors have been increasingly shifting capital from Bitcoin, which is often viewed as a store of value, into Ethereum, considered more of a growth asset. Analysts at market intelligence firm Lookonchain observed that this whale, along with other large holders, is capitalizing on Ethereum’s improved infrastructure, including decentralized finance (DeFi) tools, staking capabilities, and corporate treasury strategies. These factors, they argue, make ETH a more attractive asset for active portfolio management compared to BTC [3].

Ethereum’s price action has also been a key driver of this movement. The token recently reached a high of $4,787, a 12% increase in a single day. This rise comes after Ethereum briefly reclaimed its 2021 high of $4,878. The Bitcoin OG whale appears to be taking advantage of this momentum, opening leveraged positions at around the $4,300 level. At the time of the trade, Ethereum was still 6.4% below its all-time high, offering potential for further gains if bullish sentiment continues [2].

Market analysts have noted that such large-scale movements from dormant wallets can signal both caution and opportunity. While these transactions can introduce short-term volatility, they also reflect a more mature market capable of absorbing large inflows and outflows without a catastrophic collapse. For example, a similar move by a Satoshi-era whale in July 2025, involving the transfer of 80,000 BTC, led to a 5% drop in Bitcoin’s price but did not result in a systemic breakdown of the crypto market. This suggests that while the market is still susceptible to shocks, it is also adapting to handle larger institutional trades [1].

Source: [1] Bitcoin Whale Dumps $75 Million to Go Long on Ethereum (https://finance.yahoo.com/news/bitcoin-whale-dumps-75-million-152425785.html) [2] Bitcoin Whale Abruptly Wakes Up After Lying Low for ... (https://dailyhodl.com/2025/08/23/bitcoin-whale-abruptly-wakes-up-after-lying-low-for-seven-years-gobbles-up-ethereum-after-dumping-337000000-in-btc-on-chain-data/) [3] BTC whale dumped their bitcoin bags for ethereum ... (https://www.reddit.com/r/CryptoMarkets/comments/1mw7bwo/btc_whale_dumped_their_bitcoin_bags_for_ethereum/)