Bitcoin Whale Shifts Strategy: BTC Dump After $4B ETH Swap
Bitcoin Whale Resumes Activity with Fresh BTC Transfer
A significant Bitcoin investor, often referred to as a "Bitcoin OG," has resumed market activity. On-chain data indicates the whale moved 1,176 BTC, valued at approximately $136 million, to the Hyperliquid platform.
This transfer follows a substantial exchange two weeks prior, where the same entity swapped 35,991 BTC for Ether, totaling over $4 billion.
Massive Bitcoin-to-Ether Swap
The whale's initial shift towards Ether began in August. Data from Lookonchain revealed that between August 20 and September 1, nearly 36,000 BTC was exchanged for 886,371 ETH, with the trades valued at around $4 billion.
After a two-week break, the #BitcoinOG who exchanged 35,991 $BTC($4.04B) for 886,371 $ETH($4.07B) is back to selling $BTC!
2 wallets linked to this #BitcoinOG have deposited 1,176 $BTC($136.2M) to Hyperliquid in the past 2 hours and started dumping.https://t.co/LTiJHW049j pic.twitter.com/L0m2bEG1J7
— Lookonchain (@lookonchain) September 14, 2025
Market Context and Potential Impact
The initial rotation occurred amidst significant market flows, with Spot Bitcoin ETFs experiencing net outflows of $750 million in August, while Ethereum ETFs saw inflows of nearly $4 billion. This suggested a potential shift in institutional and whale investment towards Ethereum.
Despite the recent activity, the whale still holds approximately 49,634 BTC, worth over $5 billion.
Bitcoin's Price Struggles
Bitcoin briefly reached $116,000 but has struggled to sustain upward momentum. The recent whale selling could hinder Bitcoin's ability to regain strength in the near term.
ETH/BTC Ratio and Ethereum's Rally
The whale's Bitcoin-to-Ether trades coincide with a recovery in the ETH/BTC ratio, which had previously bottomed out. Ethereum has since shown strong performance against Bitcoin.
Increasing Activity from Dormant Bitcoin Wallets
This whale's activity is part of a broader trend of previously inactive wallets becoming active. Recent weeks have seen wallets dormant for over a decade moving significant amounts of Bitcoin.
- Last week, a wallet containing 445 BTC (worth over $50 million) moved coins after 13 years.
- Earlier in September, another wallet holding nearly 480 BTC became active after more than a decade.
- In July, Galaxy Digital facilitated a transfer of over 80,000 BTC for a Satoshi-era investor's estate.
The increased activity from long-term holders indicates a potentially changing market dynamic as Bitcoin trades near all-time highs. For users looking to navigate these evolving market conditions, blockchain security and development platforms like Codeum offer services such as security audits to protect digital assets and consulting to help users stay informed.