Thomas Daniels
A colossal Bitcoin investor—an estimated $11 billion whale—has executed a strategic rotation from Bitcoin into Ethereum, underscoring heightened investor confidence in ETH’s near‑term upside.
Over the past week, this whale liquidated 22,769 BTC, valued at approximately $2.59 billion, deploying those proceeds into 472,920 spot ETH (circa $2.2 billion) and establishing a $577 million perpetual long position on the decentralized trading venue Hyperliquid.
On Monday, the whale prudently closed $450 million of the Ethereum perpetual position—at an average ETH price of $4,735—securing $33 million in realized profit. Immediately thereafter, the investor acquired an additional $108 million in spot Ether. According to on‑chain intelligence from Lookonchain, the whale still maintains a leveraged long of 40,212 ETH (approximately $184 million), with unrealized gains exceeding $11 million.
This transaction signals a broader trend: Ethereum demand among large holders has surged over the past month. ETH has appreciated nearly 25%, significantly outperforming Bitcoin’s ~5.3% decline over the same period.
Analysts such as Willy Woo attribute last week’s dip in Bitcoin (briefly falling to $112,174) in part to this capital reallocation from BTC to ETH.
Meanwhile, Gracy Chen, CEO of Bitget (the world’s sixth-largest crypto exchange by daily volume), anticipates that Bitcoin may remain rangebound between $110,000 and $120,000 over the next one to two weeks—creating a window for ETH to advance toward $4,600–$5,200. Chen also cited Federal Reserve Chair Jerome Powell’s unexpectedly dovish tone at the Jackson Hole symposium—he hinted at a resumption of interest rate cuts in September—as a pivotal catalyst reigniting risk appetite across crypto markets.
