An old Bitcoin whale has captured attention due to strategic Ethereum transactions following a notable Bitcoin sale.
Transactions of the Old Bitcoin Whale
The blockchain analytics platform Lookonchain identified three old wallets that accumulated a total of 14,837 BTC from Binance and HTX exchanges over seven years. At that time, this accumulation was valued at $107.5 million, which has now surged to approximately $1.69 billion. The wallets were found to be interconnected based on blockchain data analysis.
The Whale's Position in Ethereum
The old Bitcoin whale opened long positions in Ethereum through four wallets on Hyperliquid's perpetual futures market. After closing some risky positions, the whale secured 19,794 ETH in the spot market, equating to a value of $85 million. In the most recent transaction noted, the whale transferred $20 million USDC gained from BTC sales to the exchange, initiating a new long position in Ethereum with 6x leverage. As of today, the whale holds a total long position of 78,265 ETH, valued at $334 million, across five wallets.
Anticipation for Altcoin Season
A notable signal in the market structure came from TradingView’s Bitcoin Dominance Index (BTC.D), which broke the 2.5-year upward trend above the 50-week exponential moving average in the first half of August. The index slumped below the threshold, and subsequent two-week candles confirmed the trend reversal. Currently, BTC.D stands at 59.49%. Capital flows have shown a shift favoring Ethereum, with BitMine consolidating to become the largest Ethereum treasury globally, holding approximately $6.6 billion in assets.
The strategic actions of the old Bitcoin whale signal a potential capital transition towards Ethereum and other altcoins, increasing interest in these assets in the market.
