Bitcoin News Today: Whale Shifts $76M BTC to High-Risk ETH Longs as Market Rotates Capital

A major Bitcoin whale, having held over 14,837 Bitcoin (BTC) worth more than $1.6 billion for seven years, recently sold 670 BTC for approximately $76 million to open a long position in Ethereum (ETH). The whale used the proceeds to accumulate a total of 68,130 ETH across four leveraged positions, primarily at the $4,300 level. Three of these positions are on 10x leverage, while one is on 3x leverage [1]. The move aligns with a broader trend of Bitcoin holders rotating their capital into Ethereum, driven by perceived growth potential and better institutional infrastructure around the latter [2].

Ethereum’s price dipped after the whale’s entry, falling to as low as $4,080, bringing three of the long positions close to liquidation levels between $3,699 and $3,732. Despite the immediate drawdown, Ether has since rebounded, rising 2.9% in the past 24 hours to trade at $4,287 per token according to CoinGecko. Analysts suggest that the whale’s strategy reflects a calculated risk, given Ethereum’s long-term growth potential and its position in the broader crypto market [1].

The whale’s move was not an isolated event. Institutional actors and large holders have also been accumulating Ether. BitMine Immersion Technologies, a publicly traded Bitcoin company, added 52,475 ETH to its treasury, bringing its total holdings to 1.52 million tokens valued at $6.6 billion [1]. Meanwhile, two institution-linked wallets accumulated approximately 9,044 ETH each, worth $38 million, during recent price dips, according to on-chain analytics firm Lookonchain [1].

In parallel, other Bitcoin whales have been shifting their holdings. A Satoshi-era whale with 80,201 BTC started moving funds to Galaxy Digital after remaining inactive for 14 years, with the final transfer occurring on July 16. Another large holder transferred out 1,042 BTC, worth $123 million, to a new wallet following six years of dormancy [1]. These movements highlight a broader trend of long-term Bitcoin holders diversifying their portfolios, particularly into assets like Ethereum that offer more active management and leverage opportunities.

Crypto analysts have noted that such activity is a natural part of market maturation. Willy Woo, a well-known analyst, explained in June that whales with more than 10,000 BTC have been steadily selling since 2017, signaling a shift in strategic capital allocation. Other analysts have emphasized that the sale of Bitcoin by OG holders is not a negative sign, but rather an indication of healthy market dynamics, with new buyers stepping in and taking over the capital [1]. The movement of funds from Bitcoin to Ethereum is less about abandoning Bitcoin and more about capital rotation based on risk-reward calculations.

Source:

[1] Bitcoin Whale Dumps BTC for $295M ETH Long Position (https://cointelegraph.com/news/bitcoin-whale-dumps-btc-for-295m-eth-long-position)

[2] Why Whales Are Dumping Their Bitcoin Bags For Ethereum (https://www.reddit.com/r/ethtrader/comments/1mw731g/why_whales_are_dumping_their_bitcoin_bags_for/)