Key Takeaways
A Bitcoin whale who swapped $4B in BTC for ETH last month has resumed selling.
On Sunday, the whale moved 1,176 BTC ($136M) to Hyperliquid and began offloading.
The whale previously sold 35,991 BTC in late August, shifting into Ether.
BTC is flat near $116,000, down 7% from its mid-August peak.
Dormant wallets from 2012 and 2013 have also reactivated, sending BTC to exchanges.
Whale Resumes Selling After $4B BTC-to-ETH Swap
A long-dormant Bitcoin whale who sold nearly $4 billion worth of BTC for ETH last month is selling again as Bitcoin trades near $116,000.
According to Lookonchain, the whale deposited 1,176 BTC ($136 million) into the exchange Hyperliquid on Sunday and “started dumping” after a two-week pause.
In August, the same wallet liquidated 35,991 BTC for Ether, sparking speculation about large holders rotating into altcoins.
ETH-BTC Ratio Still Weak
The whale’s big rotation hasn’t yet paid off. While Ether has gained 6% against Bitcoin in the past month, the ETH/BTC ratio sits at 0.0401, well below its 2017 peak of 0.14.
If the whale swapped back to BTC today, they would face a paper loss of roughly 460 BTC ($53M).
Bitcoin Flatlines at $116K
Bitcoin hit $116,182 over the weekend, its highest since Aug. 23, but failed to break above the resistance zone.
BTC is now trading around $115,500, nearly 7% below its $124K peak from Aug. 14. Traders are closely watching whether $116,000 flips into support or acts as a ceiling for another pullback.
Other Dormant Wallets Stir
The whale’s moves come as other long-inactive Bitcoin wallets show activity:
A 445 BTC wallet dormant for nearly 13 years recently sent funds to Kraken.
Another 480 BTC wallet from 2012 reactivated in early September, moving coins to a new address.
These transfers add to market concerns that old supply is reentering circulation just as BTC struggles at key resistance.
