Thomas Daniels
A formidable Bitcoin whale—believed to control assets exceeding $11 billion—has commenced a strategic reallocation of capital from Bitcoin (BTC) into Ether (ETH), signaling a major shift among large-scale investors toward assets offering broader upside potential.
In the latest maneuver, the whale divested approximately $215 million worth of Bitcoin to acquire $216 million of spot Ether via the Hyperliquid decentralized exchange. This action raised the investor’s Ether holdings to an outstanding 886,371 tokens, currently valued at over $4 billion.
This accumulation marks a continuation of the whale’s capital rotation strategy, which began on August 21. At that time, more than $2.59 billion in Bitcoin was converted into $2.2 billion in spot Ether, along with an additional $577 million in Ether perpetual long positions. The investor recently closed a $450 million perpetual long at an average ETH price of $4,735—realizing roughly $33 million in profit—before reinvesting about $108 million into spot Ether.
According to analysts, this behavior typifies a “natural rotation” of capital from Bitcoin into Ethereum and other altcoins perceived to have stronger growth prospects.
Notably, the whale’s Ethereum stake has now surpassed that of SharpLink Gaming, previously the second-largest corporate Ether holder with 797,000 ETH (valued at approximately $3.5 billion). However, Bitmine Immersion remains the kingpin among corporate treasuries, maintaining an Ethereum vault of around 1.8 million ETH (valued at over $8 billion).
Institutional interest in Ethereum continues to rise. Spot ETH exchange-traded funds alone have purchased over $1.8 billion worth of Ether across five trading days.
Collectively, these developments underscore a structural shift: institutional actors are evidently expanding beyond Bitcoin into Ethereum—attracted by its smart contract infrastructure, staking capabilities, and tokenized finance potential.
