A major Bitcoin whale controlling over $5 billion in Bitcoin has executed massive trades over the past week, selling substantial Bitcoin positions to purchase Ethereum.
According to Arkham Intelligence data, the whale moved $1.1 billion worth of Bitcoin (BTC) to Hyperliquid trading platform while simultaneously acquiring approximately $2.5 billion worth of Ethereum (ETH).
Just last week, the same whale had already bought around $2.5 billion worth of ETH, which is turning heads as BTC prices weakened while Ethereum managed to hold firm.Â
Data from Arkham showed that the whale was holding $5.5 billion in BTC reserves but has now started to break it down and move it around after years of little to no transfer.
One address connected to the whale moved 10,000 BTC, which came from a larger reserve wallet that still has $1.6 billion left in Bitcoin. Another large wallet linked to the whale holds $3.5 billion in BTC and was last active just a week ago.
As of now, the whale still controls more than 14,495 BTC in the largest wallet, even after heavy transfers. One other address was emptied in late August, leaving behind only dust amounts of Bitcoin.
Before this week’s transfer, the whale was already holding 220,451 ETH. This makes the whale one of the five biggest Ethereum holders in the world. If they continue buying, they may even pass the Ethereum Foundation, which is a rare thing to happen.
The shift comes as ETH doubled in value against Bitcoin, rising from months of trading near 0.020 BTC to a one-month high. The whale carried out the trades on Hyperliquid’s spot market, using both spot and futures positions.Â
This caused Bitcoin to drop by at least $4,000 last week, while at the same time adding to Ethereum’s growing scarcity.
At the time of writing this report, both tokens are down by 3%, but Ethereum is still holding above $4000, while Bitcoin is down to $108k, according to CoinMarketCap.
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