Bitcoin Whale Moves $113M BTC into $240M Ether Long

A massive Bitcoin whale has once again shaken the crypto market with an unexpected portfolio rotation. After years of dormancy, the whale resurfaced earlier this week by selling tens of millions in Bitcoin, only to reallocate into Ethereum. 

Now, in the latest move, the investor has converted another $113 million worth of BTC into a $240 million long spot Ether position.

The scale of these trades has captured the attention of analysts, who are debating whether this is a high-conviction bet on Ethereum’s future or simply risky speculation. 

The whale’s activity comes at a time of heightened market uncertainty, with Bitcoin slipping toward short-term lows and Ethereum continuing to attract capital flows from institutions and whales alike. 

Traders across the market are watching closely, as such large shifts can influence liquidity, price momentum, and broader sentiment.

Read Also: Understanding a Strategic Bitcoin Reserve

Key Takeaways

• A Bitcoin whale shifted $113 million BTC into a $240 million Ether position.
• The investor now holds 55,700 ETH, valued at over $240 million.
• The whale still holds 300 BTC on Hyperliquid and $167 million BTC in a main wallet.
• Analysts speculate the move could be insider-driven or high-risk speculation.
• Bitcoin briefly saw a 2% price dip on Hyperliquid following earlier whale sales.

Whale Rotation Sparks Market Attention

The whale, identified by wallet activity on Hyperliquid, first sold $76 million in BTC earlier this week, triggering a 2% price dip on the exchange. Shortly after, he transferred another 1,000 BTC, worth $113 million, converting most into spot Ether.

This strategy has left the whale with 55,700 ETH, worth over $240 million, along with $34 million in BTC still on Hyperliquid. On-chain analysts suggest that another $167 million in BTC remains in his main wallet, potentially poised for further ETH accumulation.

Read Also: Bitcoin Price Prediction 2024–2030: Future Trends

Market Impact and Speculation

The scale and speed of the trades have fueled speculation. Some traders believe the whale could have insider knowledge of bullish Ethereum developments, while others argue the execution looked rushed and may represent speculative risk-taking.

The timing of the move is also notable. It came as Bitcoin dipped near a two-week low of $112,000, with traders anxiously awaiting U.S. Federal Reserve Chair Jerome Powell’s comments at the Jackson Hole symposium. Rising market uncertainty could have motivated the whale’s decision to rotate into Ether.

Hyperliquid’s Liquidity Tested

The whale’s large transactions exposed liquidity challenges on Hyperliquid, which briefly saw Bitcoin trading at a 30 bps discount to other exchanges after the $76 million BTC sale.

Despite the disruption, Hyperliquid has rapidly grown into the sixth-largest derivatives exchange worldwide, boasting over $12 billion in 24-hour open interest. Its aggressive expansion and high trading volumes have made it a hub for whale-level trades.

Final Thoughts

The Bitcoin whale’s move into Ether highlights shifting sentiment at the highest levels of capital deployment. Whether motivated by insider conviction or speculative momentum, the rotation underscores Ethereum’s growing appeal in 2025 as institutional adoption and staking yield opportunities rise.

Market watchers will be closely tracking whether the whale continues to offload more Bitcoin to fuel further Ether buys, potentially signaling a broader BTC-to-ETH rotation trend.

Read Also: Bitcoin Hits $114K: What's Next for Ethereum & XRP?

FAQs

Who is the Bitcoin whale making this move?

The whale’s identity is unknown, but wallet activity shows significant Bitcoin-to-Ether rotations on Hyperliquid after years of dormancy.

How much Ether does the whale now hold?

The whale holds around 55,700 ETH, valued at more than $240 million, alongside remaining BTC reserves.

Why did Bitcoin’s price dip during the whale’s trades?

The initial $76 million BTC sale created a temporary 2% price dislocation on Hyperliquid due to limited order book depth.

Could this mean Ethereum will outperform Bitcoin?

While not certain, the whale’s aggressive accumulation signals strong conviction in Ethereum’s future growth potential.

What should traders watch next?

Investors should monitor whether more BTC from the whale’s main wallet is moved to Hyperliquid, which could further fuel ETH buying pressure.