Bitcoin Whale Starts Selling as BTC Hovers at $116K

Wallet dumped Bitcoin for Ether

Lookonchain wrote to X on Sept. 1 that the Bitcoin whale it was tracking over the prior two weeks had sold 35,991 BTC, worth over $4 billion at the time, for Ether.

The ETH to BTC ratio has remained relatively flat since, but currently, the whale would lose nearly 460 BTC, worth about $53 million, if they were to swap their ETH holdings back to BTC.

The ETH to BTC ratio has been below 0.05 since July last year and hit its all-time peak in mid-2017 at 0.14. Its currently at 0.0401, gaining 6% over the past month.

Bitcoin hovers at $116,000 resistance

Meanwhile, Bitcoin has seen resistance at $116,000, a price it reached on Friday for the first time since around three weeks ago on Aug. 23.

Bitcoin has traded flat over the past 24 hours at $115,500, hitting a top of $116,182 and a low of under $115,000, struggling to break well above $116,000.

Its down 7% from its peak high of over $124,000 on Aug. 14.

Other whale wallets move Bitcoin

The latest Bitcoin whale sales seen by Lookonchain follow other high-value wallets that have sold in the past few weeks.

A wallet that held nearly 445 Bitcoin, which hadnt made a transaction in almost 13 years, made a transfer on Thursday, sending part of their stash to the crypto exchange Kraken.

Earlier in September, a wallet with nearly 480 Bitcoin also made transfers for the first time since 2012, seemingly only to move their funds to a new address.