$11B Bitcoin Whale Moves $360M After Two-Month Pause

An $11 billion Bitcoin whale has returned to the crypto market, transferring $360 million in BTC after two months. Analysts suggest another rotation into Ether could be underway.

Whale returns with massive Bitcoin transfer

A massive Bitcoin whale, previously holding around $11 billion in BTC, has reemerged with a $360 million transfer, blockchain tracker Arkham reported on Tuesday.
The funds were sent to DeFi protocol Hyperunit’s hot wallet, marking the whale’s first transaction in two months.

Analysts suggest this could signal another BTC-to-Ether rotation, echoing a similar move two months ago, when the same address converted $5 billion of Bitcoin into Ether, including a $577 million ETH perpetual long position.

BTC selling pressure may increase

Following the conversion, the whale briefly surpassed corporate holder Sharplink in total ETH reserves.
As of Wednesday, the address still holds over $5 billion in BTC, indicating possible selling pressure if further conversions occur.

Other large investors followed suit — within 24 hours of the initial move, nine major whales acquired $456 million worth of ETH, according to Cointelegraph.

Dormant holders move billions amid whale activity

Meanwhile, long-term holders who had remained inactive for three to five years moved 32,300 BTC worth $3.93 billion to exchanges, according to CryptoQuant.
It was the largest cumulative transfer by this cohort in 2025, said analyst Maartunn.

Despite renewed whale activity and large-scale selling, Matrixport analysts argue that Bitcoin is regaining dominance, reversing a temporary dip as ETH and select altcoins outperformed in recent months.

“The altcoin season remains selective, not broad-based,” Matrixport noted, adding that Bitcoin’s leadership in the market cycle is strengthening once again.