Pay attention to the small moves of whales: $291.75 million in BTC converted to ETH within 6 hours

Early Bitcoin whales converted $291.75 million in BTC to ETH within 6 hours. This week, large holders have frequently exchanged ETH. (Background summary: Financial Times: The EU is considering using public chains like Ethereum and Solana for the digital euro, shifting towards a public and transparent ledger) (Additional background: BTCS announces the first-ever Ethereum dividend program: shareholders can directly receive ETH) An early Bitcoin whale today exchanged approximately $291.75 million, 2,520 BTC, for ETH on the decentralized derivatives platform HyperLiquid, immediately becoming a focal point of market discussion. According to Onchain Lens tracking, after the exchange, the address holds a total of 153,320 ETH, with a market value of about $724.1 million, large enough to change liquidity direction in the short term. In the past 6 hours, the #Bitcoin OG has deposited 2,520 $BTC worth $291.75M into #HyperLiquid to sell it for $ETH. The OG now holds 153,320 $ETH worth $724.1M https://t.co/ERawZ5SWTk pic.twitter.com/CaMFnXli8N — Onchain Lens (@OnchainLens) August 23, 2025 Is it now time for ETH to take off? The massive position transfer could temporarily increase selling pressure on BTC and elevate ETH's market influence. Whales may view Ethereum as a yield-generating asset, while Bitcoin is perceived as a store of value in the short term. We can see how many whales have rotated BTC > ETH over the past seven days: Ancient whales (holding 10,606 BTC, held for 7 years): Since August 20, 2025, this whale sold 3,400 BTC (approximately $382.86 million) through Hyperliquid, purchased 50,522 ETH spot (worth $213 million), and opened a 135,265 ETH (worth $571 million) 5x leverage long position. As of August 23, the total floating profit from its ETH spot and contracts reached $161 million, of which 93,402 ETH (average price $4,284) appreciated by about $29.7 million. Whale/institution (holding 1,666 BTC): On August 21, this whale sold 67 BTC (approximately $76.38 million) in 2 hours, buying 69,983 ETH for $58.5 million in the $4,300-$4,333 price range, with a total position value of $310 million. This whale has withdrawn 14,837 BTC from Binance and HTX since 2018, with some gradually sold. High-value trading whale (August 21): On August 21, a whale sold 550 BTC ($114 million) and purchased 19,794 ETH ($85 million) through Hyperliquid. At the same time, it reduced its leveraged long position of 68,130 ETH ($295 million), shifting towards holding ETH spot, indicating a strategy shift to direct holding. Active traders (August 21-22): Within two days, this whale sold 1,070 BTC ($121 million), purchased 14,520 ETH spot, and opened a long position in ETH for $58.5 million. On August 22, it sold 172.9 BTC ($19.47 million) and purchased 4,567 ETH, accumulating 55,039 ETH ($237 million) over two days and holding a long position of 135,265 ETH ($577 million). Related reports: Ethereum Foundation details the November 'Fusaka' upgrade: introducing PeerDAS, increasing DA access by eight times. Ethereum hits $4,800: Market cap exceeds $580 billion, surpassing Netflix and Mastercard. Fed Chair Powell's dovish remarks lead to a surge in September rate cut expectations, Bitcoin breaks through $117,000, and Ethereum approaches historical highs. "Pay attention to the small moves of whales: $291.75 million in BTC converted to ETH within 6 hours" was first published in BlockTempo (the most influential blockchain news media).