Dormant Bitcoin Whale Suddenly Bets Big on Ethereum

Bitcoin Ethereum

Dormant Bitcoin Whale Suddenly Bets Big on Ethereum

a dramatic shift into Ethereum, securing more than $100 million in paper profits as ETHs rally gathers steam.

On August 22, blockchain analytics firm Lookonchain flagged the whale wallet after it accumulated Ethereum through both spot purchases and leveraged positions. The wallet — which received over 100,000 BTC nearly seven years ago — snapped up 62,914 ETH worth $270 million in spot markets and opened a $580 million derivatives long equivalent to 135,265 ETH.

The move was reinforced the next day, when the whale sent 300 BTC to derivatives platform Hyperliquid, suggesting a calculated strategy to expand Ethereum exposure rather than a one-off shift.

At current prices, the spot buy has already added about $42 million in paper gains, while the derivatives bet is up roughly $58 million, leaving the whale more than $100 million ahead on the trade.

Ethereum Gains Market Share From Bitcoin

The pivot comes as Ethereum draws a growing share of liquidity across exchanges. According to CEX.io, ETH captured 32% of spot trading volume on major platforms in August — its highest share since 2017. Retail traders drove much of the activity with smaller orders, while institutions followed with larger inflows.

Capital flow data also shows a stark contrast: Ethereum‘s net positions grew 23% in August, while Bitcoin’s dropped 43%. Analysts say the trend underscores a rotation of confidence toward ETH as traders diversify exposure.

Against this backdrop, Ethereum surged to a new all-time high after Federal Reserve Chair Jerome Powell signaled a likely September rate cut, boosting risk appetite across crypto markets.