A dormant Bitcoin wallet since 2018 has been reactivated, converting approximately $850 million into Ethereum, via 62,914 spot ETH and 135,265 ETH derivatives on Hyperliquid.
The address, potentially linked to six wallets totaling 83,585 BTC ($9.5 billion), seems to be orchestrating a coordinated strategy rather than a simple isolated trade.
This shift comes as Bitcoin retreats to $112,000 while Ethereum flirts with its all-time high, boosted by opposing flows in BTC ETFs (outflows) and ETH (inflows).
The Legendary Whale Resurfaces and Swaps BTC for ETH
A dormant Bitcoin wallet that remained silent since 2018 has just become active with a massive move: some of its BTC has been liquidated to heavily enter Ethereum. The address, which had received 100,784 BTC seven years ago, recently bought 62,914 spot ETH (around $270 million) and opened a long position of 135,265 ETH on Hyperliquid derivatives, nearly $580 million.
In essence: a single player has just reallocated around $850 million from Bitcoin to Ethereum.
The Puzzle of the Old Wallets
Lookonchain analysts have spotted several signals confirming this rotation. According to them, this whale could control at least six distinct wallets, accumulating 83,585 BTC, valued at nearly $9.5 billion. Outgoing flows date back to 2018 on HTX, but recent transfers converge on Hyperliquid, where ETH purchases have been executed.
“We just saw another Bitcoin OG depositing BTC on Hyperliquid to buy ETH,” explain the analysts, highlighting the repetition of the same pattern. The idea of a coordinated strategy, rather than a simple isolated trade, gains weight.
ETH/BTC: A Strategic Timing
This massive bet comes as Bitcoin hits a low of $112,000, its lowest level in two weeks. Ethereum, on the other hand, has rarely been closer to its 2021 all-time high of $4,878. In this context, some see this switch as a strong signal: the conviction that Ethereum still has room to outperform.
Markets already reflect this change in balance. Spot ETFs illustrate the trend: on Thursday, Bitcoin products recorded $194.3 million in net outflows, while Ethereum ETFs showed $287.6 million in inflows.
A Series of Reactivations
This whale is not an isolated case. For several weeks, historic Bitcoin wallets have been reactivating, collectively moving billions of dollars. The skyrocketing market seems to be awakening these long-time holders, who are starting to take more dynamic positions or diversify their exposure.
For observers, these signals indicate a silent shift in the crypto hierarchy. When the ‘old’ Bitcoin holders choose Ethereum as a growth relay, the balance of power between the two giants is questioned.
