Bitcoin Whale Swaps $45 Million in Assets to Ethereum, What’s the Reason?

Jakarta, Pintu News – A long-dormant Bitcoin (BTC) mega-owner is making waves in the crypto market once again. After standing still for nearly seven years, the whale moved more than 400 BTC (worth $45.5 million) to decentralized exchange Hyperliquid and exchanged it for Ethereum (ETH), marking a major shift from Bitcoin to Ethereum.

Check out the full information in this article!

Investment Strategy Changes

On-chain data from Onchain Lens shows that this whale has been aggressively building exposure. The address that once withdrew 14,837 BTC ($94.9 million) a few years ago, not only sold some Bitcoin for Ethereum but also opened a large leveraged long position worth $295 million across four wallets, with leverage between 3x to 10x.

These positions are sized between $90 million and $99 million each, indicating a high level of conviction. However, the strategy has shifted. According to tracking platform Lookonchain, these whales have started to close long leveraged positions and switched to direct purchases of ETH.

In the last six hours, he deposited 1,000 BTC ($113.95 million) into Hyperliquid and bought 19,794 ETH ($85 million) on the spot market. Analysts note that this change emphasizes the risks associated with continuous leverage and highlights a more conservative move to accumulate ETH directly.

Also read: Cardano NIGHT Airdrop Claims Reach 1.3 Billion, Hoskinson Refutes Negative Allegations!

Ethereum Market Dynamics

This major whale activity comes at a turbulent time for Ethereum. The asset recently plummeted to $4,063, triggered by massive liquidations and large ETF fund outflows.

Data from SoSoValue shows $678 million was withdrawn from ETH funds over three sessions, with BlackRock, Fidelity, and Grayscale alone selling over $422 million in one day. Although ETH has bounced back above $4,200, the pressure from institutional selling has shaken investor confidence.

Also read: Gemini Displays XRP Mastercard Ad on New York Billboard, Collaborate?

Speculation and Market Reaction

The move has fueled speculation about whether Bitcoin whales are quietly shifting to Ethereum as its momentum picks up. Some see this activity as a sign that the Ethereum narrative, like the Ethereum cash model, is attracting big money bets. However, not everyone is convinced.

Bitcoin advocate Samson Mow, CEO of Jan3, argues that the whale move may be temporary. He claims many early ETH insiders already own significant Bitcoin and could use the ETH rally to pump up prices before selling back into BTC. According to him, this cycle risks creating a “new generation of bag holders.”

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Coinpedia. Bitcoin Whale Dumps $45M BTC for Ethereum. Accessed on August 22, 2025
• Featured Image: Generated by AI