A legendary Bitcoin OG has made a major move into Ethereum, selling 4,000 BTC worth $435 million and buying 96,859 ETH valued at $433 million on August 31, 2025, according to Lookonchain data. The trade followed Saturday’s $109 million BTC-to-ETH swap, also executed by the same whale via Hyperliquid.
This shift continues a trend of capital rotation, with Arkham Intelligence reporting the whale moved $1.1 billion worth of BTC to exchanges while acquiring $2.5 billion in ETH. Overall, the investor now controls more than 800,000 ETH, worth nearly $4 billion, with the majority already staked for rewards.
Previously holding $5.5 billion in Bitcoin reserves, the whale’s series of swaps marks one of the largest ongoing Bitcoin-to-Ethereum shifts. Analysts say the move highlights Ethereum’s relative strength during Bitcoin’s weakening momentum, reflecting renewed institutional-level confidence in ETH’s long-term value.
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