On-chain data shows that the investor, who had previously held over 100,000 BTC, recently sold a portion of their Bitcoin holdings to acquire a massive amount of Ethereum (ETH).
According to blockchain analytics, the whale purchased over 62,914 ETH, a spot acquisition worth approximately $270 million, as
reported on August 22.
But that wasn’t all. They also opened a substantial long position on futures for an additional 135,265 ETH, a position valued at around $580 million. This powerful move to rotate a significant portion of their portfolio from Bitcoin into Ethereum has not gone unnoticed in the crypto community.
A Bitcoin OG who received 100,784 $BTC($642M) 7 years ago ended his dormancy recently— selling $BTC while buying 62,914 $ETH ($267M) spot and opening a massive 135,265 $ETH($577M) long position.We just spotted another Bitcoin OG depositing $BTC into #Hyperliquid to sell and buy… pic.twitter.com/qhebN276Lf
— Lookonchain (@lookonchain) August 22, 2025
A bullish signal for Ethereum
A Bitcoin “whale” — a term for a large cryptocurrency holder — that had been dormant for years has woken up and made a colossal move, that signals a major shift in its investment strategy.
The investor’s actions are widely seen as a bullish signal for Ethereum and a possible sign of a broader trend where large investors are diversifying their holdings. Some analysts suggest that this type of large-scale rotation could signal the “end of the Bitcoin bull market”, meaning that the peak of the cycle is near, and smart money is beginning to flow into other assets with higher potential for future growth.
The event emphasises the idea that institutional and large investors are not just holding Bitcoin, but are actively managing sophisticated, multi-asset crypto portfolios.
