Bitcoin News Today: OG Bitcoin Whales Quietly Fuel Shift to Ethereum’s Rising Tide

Bitcoin's largest and oldest whales, known as OG whales, are influencing the price dynamics of the cryptocurrency, according to prominent Bitcoin analyst Willy Woo. These whales, who accumulated their holdings in 2011 at significantly lower prices, now possess a substantial supply of Bitcoin that exerts pressure on the market. According to Woo, it now takes over $110,000 of fresh capital to absorb every Bitcoin sold by these OG whales. Their strategic rate of selling and the cost differential of their holdings affect the capital inflow required to push the price upward [3].

Recent data from Lookonchain shows that one such OG whale has moved over $689 million worth of Bitcoin to buy Ethereum (ETH). This whale has acquired 278,490 ETH, valued at approximately $1.28 billion, at an average price of $4,585 [1]. This significant shift indicates a growing interest in Ethereum among Bitcoin whales, with many investors reallocating capital from Bitcoin to altcoins as they anticipate a potential altseason. The whale still holds a 135,265 ETH long position worth $581 million, suggesting a long-term strategic pivot to Ethereum [3].

This trend is not isolated. Another dormant whale has similarly moved BTC into Hyperliquid, with the wallet having originally received 85,947 BTC valued at $547 million. Despite still controlling six wallets with a total of 83,585 BTC ($9.42 billion), the whale has begun actively participating in the market [2]. Analysts like Miles Deutscher argue that Ethereum is currently outperforming Bitcoin due to several factors, including a strong treasury demand of over $20 billion waiting to deploy, and Ethereum’s resilience during Bitcoin dips [2].

The capital migration from Bitcoin to Ethereum is also reflected in on-chain data, with multiple transactions involving long-dormant BTC being swapped for ETH. This shift suggests that traders believe Ethereum has stronger upside potential in the current cycle compared to Bitcoin. Some traders and analysts, including Crypto Caesar and Ted Pillows, predict Ethereum could test key resistance levels and potentially reach $4,760 or even $5,376 in the coming months [2].

Ethereum’s recent performance has also captured attention, with the altcoin hitting new all-time highs and filling open gaps in CME Group’s futures market. According to trader Rekt Capital, Ethereum has successfully filled its weekly CME gap and reversed to the upside, suggesting a continuation of its upward trajectory [1]. Meanwhile, Bitcoin’s price action has been characterized by volatility, with a recent flash crash attributed in part to the actions of a Bitcoin whale who sold over $2 billion worth of BTC and rotated it into ETH. This triggered a cascade of sell orders, leading to a 2.2% drop in Bitcoin’s price from $114,666 to $112,174 within nine minutes [3].

The broader market dynamics are further complicated by macroeconomic factors. The Federal Reserve’s upcoming meeting in September has traders divided on the potential impact of a 0.25% rate cut. While a cut could provide a tailwind for risk assets like cryptocurrencies, historical patterns suggest September could be a volatile month for the market. Additionally, the recent transfer of 10,584 BTC—valued at nearly $1.2 billion—from BlackRock to Coinbase has raised concerns of potential selling pressure [4].

Despite these challenges, some analysts see signs of a potential market bottom forming, citing the aggressive accumulation by whales during recent price declines. Over the past week, key Bitcoin wallets have acquired over 16,000 BTC, while retail investors have been selling off positions, exacerbating the disparity in market positioning [4]. The outcome of the next few weeks will likely depend on a combination of macroeconomic developments, institutional activity, and the continued behavior of large whale movements.

Source: [1] Bitcoin whales swap BTC for Ether as trader sees ETH at ... (https://cointelegraph.com/news/bitcoin-whales-swap-btc-for-ether-trader-sees-eth-hitting-5-5k-next) [2] Why Are Dormant Bitcoin Whales Rotating Into Ethereum ... (https://finance.yahoo.com/news/why-dormant-bitcoin-whales-rotating-233132720.html) [3] Bitcoin OG whales to blame for BTC's painful rise: Willy Woo (https://cointelegraph.com/news/bitcoin-flash-crash-blamed-crypto-whales-big-eth-trades) [4] Bitcoin Whales Quietly Stack 16000 BTC During Downtrend (https://www.mitrade.com/insights/news/live-news/article-3-1062800-20250823) [5] Bitcoin Falls Even as U.S., EU Reveal Deal on Trump Tariffs (https://coingape.com/bitcoin-falls-even-as-u-s-eu-reveal-deal-on-trump-tariffs/) [6] OG Bitcoin Whale Dumps BTC for $330M Ethereum Position (https://finance.yahoo.com/news/og-bitcoin-whale-dumps-btc-183928530.html)