Cryptocurrency investor with substantial Bitcoin holdings unexpectedly switches allegiance to Ethereum, ending a 7-year period of inactivity in the digital market.
In the ever-evolving world of cryptocurrency, a significant shift has been observed among one of the world's largest Bitcoin whales. Seven years ago, this whale received a staggering 85,947 BTC, and as of now, six of their wallets still hold a massive 83,585 BTC, worth approximately $9.42 billion. However, recent reports suggest that this whale has now turned their attention to Ethereum.
Simultaneously, another dormant Bitcoin whale, who received 100,784 BTC seven years ago, has returned to the market. This whale, who remains unnamed, has sold part of their Bitcoin to buy a large amount of Ethereum, using two wallets, as reported in August 2025.
The return of these Bitcoin whales to the market and their shift towards Ethereum comes at a time when the Ethereum market is showing optimistic performance. ETH has increased by 1.08% over the past 24 hours, currently trading at $4,341. This growth is attributed to recent inflows into spot Ethereum ETFs this August, a clear indication of institutional interest in Ethereum.
The Ethereum market has also set a new record on the Chicago Mercantile Exchange (CME) on Aug. 20, with over $8.3 billion worth of ETH committed in active futures contracts. This marks the highest level of open interest ever recorded for ETH derivatives on the exchange.
Crypto Godfather Michael Terpin has weighed in on this trend, stating that Ethereum is preparing to outperform Bitcoin. His prediction is supported by the increasing rebalancing towards Ethereum by institutional players, possibly due to the rising momentum on the ETH market.
Meanwhile, Coinbase, a leading cryptocurrency exchange, has listed an Ethereum-based stablecoin. The specific Ethereum-based stablecoin listed by Coinbase was launched 4 months prior to the report.
However, not all players in the cryptocurrency market are bullish. BlackRock, a prominent financial institution, has sold both Bitcoin and Ethereum in a rare move. The exact reason for this sale is not specified.
On the Bitcoin front, BTC has seen its price drop 0.6% to $113,009 as of press time. Despite this dip, the cryptocurrency market continues to attract new players and investments, with another whale being spotted depositing BTC into Hyperliquid to sell and buy ETH.
This report was compiled by Caroline Amosun. As the cryptocurrency market continues to evolve, it is essential to keep a close eye on these significant shifts and trends.
