One of the longest-dormant Bitcoin whales has finally broken its silence after seven years. On Wednesday, the whale sold 670 BTC worth roughly $76 million and immediately used the funds to open long positions on Ethereum (ETH).
According to blockchain analysts, the whale opened four large ETH positions totaling 68,130 ETH, with three of them on 10x leverage and a smaller one on 3x leverage. The move comes just days after Bitcoin reached a new all-time high of $124,128 and Ethereum approached its 2021 peak of $4,878.
🚨 Trouble: ETH Price Dropped Right After
Shortly after the whale entered, ETH’s price fell to $4,080, pushing the positions deep into the red and close to their liquidation thresholds around $3,700. At the time of writing, Ethereum has rebounded to $4,287, up about 2.9% in the past 24 hours.
🏦 Institutions Are Accumulating ETH
While some individual whales panicked and sold, institutions have been quietly accumulating Ether. Two wallets tied to institutional investors purchased more than 18,000 ETH worth around $76 million. Meanwhile, BitMine Immersion Technologies, a publicly listed Bitcoin mining firm, added 52,475 ETH to its treasury, raising its total holdings to 1.52 million ETH valued at $6.6 billion.
🐳 Dormant Bitcoin Whales Are Moving
This is not the first sign of old whales waking up. In July, a Satoshi-era whale shifted more than 80,000 BTC after 14 years of inactivity, transferring the assets to Galaxy Digital. On the same day, another long-dormant holder moved over 1,000 BTC into a new wallet after six years of silence.
Crypto analyst Willy Woo noted in June that whales holding more than 10,000 BTC have been gradually selling since 2017. However, he emphasized that this isn’t a bearish signal—instead, the exit of old whales is making room for new institutional buyers, which is a positive sign of a maturing market.
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