Bitcoin’s Price Just Drew an $85M Bet From Last Year’s ETH Top-Caller

An on‑chain wallet that liquidated 50,600 ETH at an average price of $2,921 in late 2025 has now deployed $85.42 million of stablecoins to purchase 1,075.6 BTC over four days. The move was executed via Thorchain, a decentralized cross‑chain swap protocol, and left roughly $74.32 million in USDC unspent.

Previous ETH Trade

The wallet sold the 50,600 ETH for about $147.8 million, realizing roughly $19.02 million in profit. After the sale, the address held the proceeds in stablecoins for eight months, drawing attention for its inactivity.

How the $85 Million Was Spent

• Day 1: 14 million USDC converted into 179.8 BTC at around $78,955 per coin.
• Day 2: Additional 60.37 million USDC used to buy another 588 BTC, bringing the total to 767.8 BTC.
• Overall: 85.42 million USDC exchanged for 1,075.6 BTC at an average cost of $79,412 per BTC, including about $170,000 in Thorchain swap fees.

Current Position

With Bitcoin trading near $77,200, the new holding sits approximately $2,185 below the average entry price per coin, equating to an on‑paper loss of about $2.35 million. The position was built over several days rather than instantly, a pattern not uncommon for large‑scale moves.

Unspent Capital

The wallet still retains $74.32 million in USDC, indicating potential for further activity. Future actions could include averaging down if Bitcoin falls after the upcoming Federal Reserve rate decision, or holding the remaining funds idle.

Context

The timing coincides with market expectations of a possible Fed rate hike on September 15‑16, which has capped Bitcoin’s advance toward $80,000 this month. The whale’s continued buying amid such uncertainty may signal strong conviction.