A dormant Bitcoin (BTC) whale investor has returned to the market after remaining inactive for seven years. In his latest move, the whale investor shifted attention to Ethereum (ETH), the leading market altcoin.
Dormant BTC whale pivots to Ethereum
According to data provided by Lookonchain, the Bitcoin whale left the market seven years ago after receiving 100,784 BTC, valued at $642 million.
Now, the whale is back to the market, recently selling his BTC to buy ETH. The whale investor purchased 62,914 ETH, valued at about $267 million, through spot trading.
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Subsequently, he opened a massive 135,265 ETH, worth approximately $577 million — a long position.
Lookonchain also spotted another whale that deposited BTC into Hyperliquid to sell and buy ETH. This investor received 85,947 BTC seven years ago, matching the trading pattern of the recently reported whale.
On-chain tracking showed that six of their wallets still hold a massive 83,585 BTC, which is worth about $9.42 billion.
While the move appears to be a trade, the shift toward Ethereum is telling. It suggests that institutional players are rebalancing, possibly due to rising momentum on the ETH market.
Ethereum makes big moves
Ethereum has continued to make waves in key metrics over the past few days, despite a recent downtrend in its price.
As U.Today reported earlier, ETH set a new record on the leading Chicago Mercantile Exchange (CME) on Aug. 20.
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According to the details provided, over $8.3 billion worth of ETH was committed in active futures contracts on CME. This marks the highest level of open interest ever recorded for ETH derivatives on the exchange.
Ethereum’s recent performance has helped to fuel an optimistic outlook among market participants. Citing massive inflows into spot Ethereum ETFs this August, Crypto Godfather Michael Terpin said ETH is preparing to outperform BTC.
As of press time, ETH has increased by 1.08% over the past 24 hours to $4,341. BTC, on the other hand, has seen its price drop 0.6% to $113,009.