Lookonchain, the online analytics platform, has drawn attention to a 7-year-old "Bitcoin Whale" making a big bet on Ethereum. This event occurs against the backdrop of a significant downturn in the cryptocurrency market, causing ETH and BTC to record significant losses.

Bitcoin Whale Sells $76 Million to Buy Ethereum

In a post on X, Lookonchain revealed that a Bitcoin OG, holding 14,837 BTC ($1.69 billion), sold 670.1 BTC ($76 million) and opened long positions of 68,130 ETH ($295 million). This whale executed this move by sending $76 million worth of BTC to Hyperliquid and sold out before making long-term purchases of ETH across four wallets, totaling 68,130 ETH.

This Bitcoin whale received 14,837 BTC seven years ago, valued at $107.5 million at that time, from HTX and Binance when Bitcoin was trading at $7,242. With this recent move, it is likely that this whale is shifting attention to Ethereum, as this investor predicts a significant move from the largest altcoin by market capitalization.

Furthermore, in another post on X, Lookonchain revealed that the "Bitcoin whale" has tried to safeguard its Ethereum investment as they began to close long positions and shift to buying spot ETH. During this process, the "whale" sent an additional 1,000 BTC ($113.95 million) to Hyperliquid to buy ETH and purchased 19,794 ETH ($85 million).

Meanwhile, the Bitcoin OG also shifted to trading Ethereum with leverage once again and continued to create a new wallet, sending $20 million USDC to buy ETH with 6x leverage. This brings the total holdings of the "whale" to 78,265 ETH ($334 million) across five wallets.

More Ethereum Purchases from Bitcoin OG

The Bitcoin investor continues to bolster their confidence in Ethereum. This whale has now sold 3,142 BTC ($356.47 million) in the past two days and has purchased 55,039 ETH ($237 million) through spot trading and opened a long position of 135,265 ETH ($577 million). Data from Hyperliquid shows that three out of five long positions are currently profitable. The largest profit among them is an unrealized gain of over $2 million.

Lookonchain has detected another Bitcoin OG that sent BTC to Hyperliquid to sell and buy ETH. On-chain data shows that this whale received 85,947 BTC ($547 million) seven years ago, similar to the previous Bitcoin OG. Based on this, the on-chain analytics platform suggests that this is likely the same whale. Another whale recently created a new wallet and withdrew 11,950 ETH ($51.32 million) from Binance.