On-chain data shows that a 'whale wallet' that had been dormant for 7 years suddenly became active, selling a large amount of Bitcoin to cash out, then fully investing the funds into betting on Ethereum, even further increasing leveraged long positions, significantly affecting market sentiment.
According to on-chain data platform Lookonchain, this 'mysterious whale' received 100,784 Bitcoins 7 years ago but recently made significant adjustments, starting to sell Bitcoin and buy 62,914 Ethereum, worth about $270 million.
A Bitcoin OG who received 100,784 $BTC ($642M) 7 years ago ended his dormancy recently— selling $BTC while buying 62,914 $ETH ($267M) spot and opening a massive 135,265 $ETH ($577M) long position.
We just spotted another Bitcoin OG depositing $BTC into #Hyperliquid to sell and buy… pic.twitter.com/qhebN276Lf
— Lookonchain (@lookonchain) August 22, 2025
Meanwhile, this whale also opened a long position of 135,265 Ethereum in the derivatives market, worth about $580 million.
Lookonchain further revealed that another early Bitcoin holder also surfaced recently, transferring Bitcoin to the decentralized derivatives exchange Hyperliquid and taking similar actions: selling Bitcoin and buying Ethereum.
On-chain records show that this wallet also received 85,947 Bitcoins 7 years ago, and the trading pattern is very similar, likely belonging to the same entity or individual.
Lookonchain added that it has currently tracked 6 wallet addresses, suspected to be controlled by the same whale, holding a total of 83,585 BTC, worth up to $9.45 billion.
In recent weeks, as Bitcoin reached historic highs, more and more 'ancient whale' wallets have been dumping their holdings, leading to a surge of on-chain transfers amounting to billions of dollars.
It is worth noting that this flow of funds occurred at a critical moment: Bitcoin dropped to $112,000 this morning, marking a two-week low; in contrast, Ethereum is steadily approaching its historical high of $4,878 set in 2021, and market funds seem to be gradually shifting towards Ethereum.
This trend is also echoed in the ETFs. According to SoSoValue data, Bitcoin spot ETFs saw a net outflow of $194 million on Thursday, while Ethereum spot ETFs attracted a contrary net inflow of $288 million, indicating that funds are accelerating their rotation.
"The 'whale' resurfaces after 7 years of silence! Crazy selling of Bitcoin and a $270 million buy into Ethereum". This article was first published on (Blockbeat).
