A major Bitcoin whale that has held a long-term position in Bitcoin for nearly seven years recently executed a significant shift, selling 670 Bitcoin for approximately $76 million and using the proceeds to open a long position in Ether (ETH) worth $295 million, according to on-chain analytics firm Lookonchain. This move came shortly after Bitcoin reached a record high of $124,128 on August 14, and Ether approached its 2021 all-time high of $4,878. The whale, which previously held 14,837 Bitcoin valued at over $1.6 billion, sold a portion of its holdings to take a leveraged long position in Ethereum, which included 68,130 ETH across four positions, with the majority at 10x leverage.
The timing of the whale’s move reflects broader market sentiment and a potential shift in liquidity and capital allocation within the cryptocurrency space. According to Lookonchain, the long positions were opened around the $4,300 price level, but after the whale executed the trade, Ethereum’s price dropped sharply, hitting a low of $4,080, nearly reaching liquidation levels on three of the four positions. While Ethereum has since rebounded slightly, trading at $4,287 at the time of reporting, the move highlights the volatility inherent in leveraged positions in crypto markets. CoinGecko data showed a 2.9% increase in ETH over the previous 24 hours.
The whale activity was not isolated. Another significant Ethereum transaction was reported by Lookonchain, where a trio of whales sold a combined 34,500 ETH during a recent market dip, while two institutional wallets added to their Ethereum holdings by accumulating 9,044 ETH each, valued at $38 million. Additionally, BitMine Immersion Technologies, a publicly traded Bitcoin-focused company, added 52,475 ETH to its treasury, bringing its total holdings to 1.52 million tokens valued at $6.6 billion. These developments indicate a growing institutional interest in Ethereum as a strategic asset, especially as it continues to outperform Bitcoin in terms of year-to-date gains.
Ethereum’s recent price action has also sparked a wave of speculative commentary and price projections from analysts and traders. On-chain data from Lookonchain revealed that another dormant Bitcoin whale, which originally received 100,784 BTC in nearly seven years ago, shifted capital into Ethereum by offloading BTC and opening a $577 million long position in ETH. Meanwhile, a second dormant whale deposited BTC into Hyperliquid, suggesting that multiple large holders are now considering Ethereum as a potential store of value or speculative bet. Analyst Miles Deutscher noted that Ethereum’s relative strength against Bitcoin and its $20 billion in treasury demand position it for a stronger rebound than Bitcoin and most altcoins, offering better risk-adjusted returns.
The broader market environment has also played a role in Ethereum’s recent performance. Institutional adoption has accelerated, with record inflows into spot Ethereum ETFs and growing interest in Ethereum-based digital asset treasuries. BlackRock’s ETHA, the largest ETF in this space, now holds over $20 billion in assets under management. Additionally, the cumulative market caps of public companies holding Ethereum are nearing $10 billion, with BitMine being the largest holder. These developments suggest that Ethereum is gaining traction as a foundational asset in the evolving digital economy, with increasing institutional backing and growing utility in financial infrastructure and tokenization.
Ethereum’s price trajectory has also been influenced by macroeconomic factors, particularly comments from Federal Reserve Chair Jerome Powell suggesting potential rate cuts in September. These comments, combined with Ethereum’s recent technical strength, have reinforced bullish sentiment among traders. According to data from Coindesk, Ethereum’s price surged past $4,800, triggering $388 million in liquidations in the past 24 hours, the highest among all crypto assets. This level of volatility underscores the market’s sensitivity to leverage and liquidity, with large traders and institutions playing a key role in shaping short-term price movements.
Source: [1] Bitcoin Whale Shifts to ETH With $295 Million Long Position (https://cointelegraph.com/news/bitcoin-whale-dumps-btc-for-295m-eth-long-position) [2] Why Are Dormant Bitcoin Whales Rotating Into Ethereum (https://finance.yahoo.com/news/why-dormant-bitcoin-whales-rotating-233132720.html) [3] Ethereum hits fresh all-time high amid wider market rally (https://www.theblock.co/post/366657/shell-dnp-ethereum-hits-new-all-time-high-price-as-eth-crosses-4900-for-the-first-time-ever) [4] ETH Price Prediction: Traders Target $10K ETH Amid $400 (https://www.coindesk.com/markets/2025/08/23/ethereum-bets-see-unusually-high-usd400m-liquidations-as-some-now-target-usd10k-eth)
