After a brief pause, one of crypto’s most-watched whales has returned to the spotlight. Onchain data shows an OG bitcoin holder deposited 1,176 BTC ($136.2M) into decentralized exchange Hyperliquid, marking renewed activity after a historic swap. Just weeks ago, this whale rotated 35,991 BTC ($4.04B) into 886,371 ETH ($4.07B), sparking market-wide attention.
The move reflects a broader trend: while Bitcoin ETFs saw $750M in outflows in August, Ethereum ETFs absorbed $3.9B in inflows, suggesting institutional appetite for ETH is gaining momentum. Since April, ETH has surged 117% against BTC, strengthening its ratio to 0.039.
Dormant wallets continue to wake, adding intrigue to bitcoin’s supply dynamics. With billions still under the whale’s control, the market is watching closely to see whether this activity signals a long-term shift in strategy or short-term profit-taking.
Conclusion
Bitcoin whales remain influential, and their rotations highlight evolving crypto market dynamics.
Takeaways
Whale moved 1,176 BTC ($136M) to Hyperliquid.
Recent $4B BTC-to-ETH rotation reshaped sentiment.
ETH ETFs see inflows while BTC ETFs record outflows.
Dormant bitcoin wallets increasingly active in 2025.
ETH up 117% vs BTC since April.
Source: The Block
