A wallet that had been dormant for seven years recently became active, selling a bulk of its Bitcoin while increasing its stake in Ethereum.
According to blockchain analytics firm Lookonchain, the whale wallet that initially received 100,784 BTC seven years ago recently rotated funds into 62,914 ETH, worth around $270 million in spot purchases, while establishing a 135,265 ETH ($580 million) derivatives long position.
The analytics firm suggested that this may be part of a broader strategy by the same individual or entity controlling multiple wallets.
“We just spotted another Bitcoin OG depositing BTC into Hyperliquid to sell and buy ETH,” Lookonchain said. “On-chain tracking shows this OG received 85,947 BTC 7 years ago — matching the trading pattern of the OG we reported recently.”
Screenshots from Arkham Intelligence shared in the post show inflows from exchanges like HTX dating back to 2018, followed by recent outflows to Hyperliquid’s hot wallets and subsequent ETH acquisitions.
Lookonchain said it has identified six wallets allegedly linked to the same whale, holding 83,585 BTC, which is worth $9.45 billion. In recent weeks, the market has seen multiple ancient bitcoin holders reactivate their wallets, transferring billions worth of crypto as the market reached unforeseen highs.
The switchout from Bitcoin to Ethereum comes at a notable time, coinciding with the world’s largest cryptocurrency dipping to a two-week low of around $112,000 earlier today. Meanwhile, Ethereum has been moving closer to its all-time high of $4,878 in 2021.
Spot crypto ETFs have shown a similar trend, where flows into spot Ethereum ETFs have outweighed that of bitcoin ETFs recently. On Thursday, bitcoin ETFs saw $194.3 million worth of daily net outflows, while ether ETFs recorded net inflows of $287.6 million, according to SoSoValue data.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
