For the first time in 7 years, a Bitcoin whale acquired $270M worth of Ethereum

A dormant Bitcoin whale reactivated after 7 years, selling BTC and purchasing Ethereum worth $270 million while opening a $580 million ETH derivatives long position.

Dormant Bitcoin wallet reactivates after years

The crypto market witnessed the awakening of a long-dormant Bitcoin wallet. According to blockchain analytics firm Lookonchain, the whale that received 100,784 BTC seven years ago recently rotated funds. The entity purchased 62,914 ETH worth around $270 million through spot trades and simultaneously opened a derivatives long position of 135,265 ETH, valued at approximately $580 million.

Bitcoin-to-Ethereum rotation gains momentum

Lookonchain suggested that this could be part of a broader strategy controlled by the same entity behind several wallets.

The firm noted another Bitcoin OG depositing BTC into Hyperliquid to sell and acquire ETH. On-chain tracking showed this pattern matches a previously reported OG who received 85,947 BTC seven years ago.

Arkham Intelligence screenshots confirmed inflows to exchanges dating back to 2018, followed by recent withdrawals to Hyperliquid hot wallets for ETH accumulation. Lookonchain linked six wallets to the same whale, holding 83,585 BTC worth $9.45 billion.

This shift comes as Bitcoin’s price dropped to a two-week low of $112,000, while Ethereum approached its all-time high of $4,878 set in 2021.

Spot ETFs reflect the same trend

Data from SoSoValue revealed a similar pattern in ETF flows. Bitcoin ETFs recorded $194.3 million in daily net outflows, while Ethereum ETFs saw $287.6 million in inflows, further emphasizing the growing demand for ETH among institutional investors.