Bitcoin News Today: CZ Champions Privacy as On-Chain Sleuthing Unmasks $4B BTC-to-ETH Whale

CZ, former CEO of Binance, has reiterated his commitment to user privacy while highlighting the role of third-party on-chain analysis in identifying a prominent Bitcoin whale linked to a record $4 billion BTC-to-ETH swap. The whale, identified through blockchain analytics tools, has drawn significant attention due to its large-scale transactions and market impact.

The whale deposited 1,176 BTC ($136.2 million) to Hyperliquid in September 2025, resuming sales after a two-week pause. This follows an earlier swap of 35,991 BTC ($4.04 billion) for 886,371 ETH ($4.07 billion) between August 20 and September 1, according to on-chain analysts Lookonchain and Arkham Intelligence Binance.US Privacy Policy^[6]. The whale's actions have contributed to a shift in institutional capital from Bitcoin to Ethereum, aligning with broader trends of Ethereum ETF inflows and Bitcoin outflows in August 2025 .

The identity of the whale has been the subject of speculation. On-chain analyst Eye suggested a potential link to former exchange executive Garrett Jin, citing connections between the whale's wallets and Ethereum staking contracts. However, CZ retweeted the analysis with a caveat: "It is still uncertain whether it is true and accurate, and I hope someone can verify it," emphasizing the need for third-party validation .

The whale's activities have influenced market dynamics. Ethereum's price surged 117% against BTC since April 21, 2025, while the ETH/BTC ratio rose to 0.0401 from a low of 0.018 earlier in the year. Analysts note that such large-scale swaps increase ETH's liquidity and buying pressure, potentially amplifying short-term volatility . Meanwhile, Bitcoin faces resistance at $116,000, with technical indicators showing weakening momentum, including a negative MACD and 50-day EMA resistance .

CZ's stance on privacy contrasts with the transparency of blockchain data. Binance's privacy policy outlines strict safeguards for user data, including biometric verification and encryption, while emphasizing compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations . The company has faced scrutiny over data breaches, including a 2025 incident where the BNB Chain's X account was compromised, prompting CZ to warn users against phishing attempts CoinMarketCap^[3].

The whale's actions reflect broader trends in crypto markets. Dormant wallets from 2011–2013 have reactivated, injecting selling pressure into Bitcoin. A 445 BTC wallet (worth $50 million) and a 480 BTC wallet ($53 million) became active in September 2025, signaling increased market participation from long-term holders . Institutional Bitcoin holdings now exceed $200 billion across 190 entities, though retail investors remain cautious amid Bitcoin's consolidation phase .