A Bitcoin whale offered once more after a $4B BTC-to-ETH swap, sending 1,176 BTC to Hyperliquid as Bitcoin hovers close to $116K.
The notorious “Bitcoin OG” whale has come again to the market after a brief pause. On-chain analysts present that wallets tied to the investor deposited 1,176 BTC, price about $136 million, into Hyperliquid.
This transfer got here simply two weeks after the identical whale offered 35,991 BTC, price over $4 billion, for Ether.
Whale swaps Bitcoin for Ether
The whale first began making waves in August, after they rotated an enormous Bitcoin stash into Ether.
Information from Lookonchain confirmed that between August 20 and September 1, the investor exchanged almost 36,000 BTC for 886,371 ETH.
The worth of the trades was round $4 billion.
After a two-week break, the #BitcoinOG who exchanged 35,991 $BTC($4.04B) for 886,371 $ETH($4.07B) is again to promoting $BTC!
2 wallets linked to this #BitcoinOG have deposited 1,176 $BTC($136.2M) to Hyperliquid up to now 2 hours and began dumping.https://t.co/LTiJHW049j pic.twitter.com/L0m2bEG1J7
— Lookonchain (@lookonchain) September 14, 2025
On the time, the promoting pattern got here at simply the fitting time, across the normal market inflows into the Ethereum area Spot Bitcoin ETFs noticed internet outflows of $750 million in August, whereas Ethereum ETFs loved inflows of almost $4 billion.
The timing indicated that institutional and whale cash have been shifting towards Ethereum.
Nevertheless, even after the rotation, the whale nonetheless holds about 49,634 BTC throughout a number of wallets. This stash is price greater than $5 billion.
Bitcoin struggles at $116,000
Bitcoin hit $116,000 final week for the primary time in almost a month, however has not managed to push a lot greater.
Over the previous 24 hours, it has traded between $115,000 and $116,182, and is staying flat as merchants look ahead to a breakout.
BTC is at present down about 7% from its current excessive of $124,000, which it reached on August 14. Market watchers consider the whale’s recent wave of promoting may make it more durable for Bitcoin to regain upward energy within the quick time period.
ETH/BTC ratio and market flows
The whale’s Bitcoin-to-Ether commerce got here at an fascinating second for the ETH/BTC ratio. The ratio had been falling since final 12 months, and bottomed at 0.018 in April.
That drop adopted commerce tensions linked to U.S. tariff bulletins.
Since then, Ethereum has staged a powerful restoration towards Bitcoin. The ETH/BTC ratio climbed about 117% from April 21, and hit 0.043 in late August earlier than easing again to 0.039.
The whale’s rotation might have performed a job in that rebound, and is including gasoline to Ethereum’s rally.
At present, the ratio stays nicely under its 2017 peak of 0.14 however is exhibiting indicators of regular enchancment.
Dormant Bitcoin wallets get up.
The current whale exercise is a part of a broader pattern of previous wallets coming again on-line. Final week, a pockets containing 445 BTC price over $50 million moved cash for the primary time in 13 years.
Earlier this month, one other pockets holding almost 480 BTC additionally turned lively after greater than a decade.
In July, Galaxy Digital moved over 80,000 BTC price $9 billion for a Satoshi-era investor’s property planning wants. The switch stood as one of many largest actions of dormant Bitcoin in years.
JUST IN: Galaxy Digital introduced it executed one of many largest notional bitcoin transactions in historical past, promoting over 80,000 bitcoin price greater than $9 billion 🤯 pic.twitter.com/NtrRo2OqG7
— Bitcoin Journal (@BitcoinMagazine) July 25, 2025
These occasions present that long-term holders, some inactive for over a decade, have gotten extra lively as Bitcoin trades close to new highs