A long-dormant Bitcoin whale has re-emerged, making significant moves that have caught the crypto market’s attention. After holding coins inactive for nearly seven years, the whale shifted more than 400 BTC (worth $45.5 million) to decentralized exchange Hyperliquid and swapped the funds for Ethereum, marking a bold pivot from Bitcoin to ETH.
On-chain data from Onchain Lens shows this whale has been building exposure aggressively. The address, which once withdrew 14,837 BTC ($94.9 million) years ago, not only sold chunks of Bitcoin for Ethereum but also opened massive leveraged long positions worth $295 million across four wallets, using leverage between 3x and 10x. These positions were sized between $90 million and $99 million each, highlighting the scale of conviction.
But the strategy has since shifted. According to tracking platform Lookonchain, the whale has started closing leveraged longs and moving into direct ETH purchases instead. Within the last six hours, he deposited 1,000 BTC ($113.95 million) to Hyperliquid and bought 19,794 ETH ($85 million) on the spot market. Analysts note this pivot underscores the risks tied to perpetual leverage and highlights a more conservative play to accumulate ETH directly.
This massive whale activity comes at a turbulent moment for Ethereum. The asset recently plunged to $4,063, driven by heavy liquidations and large ETF outflows. Data from SoSoValue shows $678 million was pulled from ETH funds over three sessions, with BlackRock, Fidelity, and Grayscale alone selling over $422 million in a single day. Although ETH has since bounced back above $4,200, the pressure from institutional selling has rattled investor confidence.
The move has fueled speculation about whether Bitcoin whales are quietly rotating into Ethereum as its momentum builds. Some view the activity as a sign that ETH’s narratives, like Ethereum treasury models, are attracting big money bets.
Not everyone is convinced. Bitcoin advocate Samson Mow, CEO of Jan3, argues the whale’s moves may be temporary. He claims many early ETH insiders already hold significant Bitcoin and could be using ETH rallies to pump prices before offloading back into BTC. According to him, this cycle risks creating “new generational bagholders.”
He moved 400+ BTC worth $45.5M to Hyperliquid and swapped for Ethereum.
He closed leveraged longs and bought ETH directly, reducing risk exposure.
Critics argue whales may pump ETH short-term, then rotate back into Bitcoin profits.
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