An investor with over $11 billion in Bitcoin recently made a massive move by transferring a substantial portion of their funds to Ethereum. By selling $215 million worth of BTC to repurchase $216 million worth of ETH on the decentralized platform Hyperliquid, this whale now holds 886,371 ETH, totaling more than $4 billion. This maneuver now surpasses the reserves of SharpLink Gaming, the world’s second-largest corporate holder of Ether.
A Massive Movement of BTC to ETH
Since August 21, the whale’s strategy has been clear: reduce their exposure to Bitcoin and significantly strengthen their positions in Ethereum. Just on that day, they sold $2.59 billion of BTC to reallocate to $2.2 billion of ETH spot and open a $577 million long position on perpetual contracts. A few days later, they secured $33 million in gains by partially closing this position before repurchasing another $108 million in spot.
These movements have not gone unnoticed. They triggered a domino effect: nine other major addresses followed suit, accumulating a total of $456 million worth of ETH.
Ethereum Attracts Big Capital
With over $4 billion in Ether, this whale now surpasses SharpLink and its 797,000 ETH valued at $3.5 billion. However, they are still far from Bitmine Immersion, the undisputed leader with 1.8 million ETH worth over $8 billion. This rise in power highlights a key point: some private investors now reach exposure levels comparable, if not superior, to publicly traded companies.
The trend is supported by the growing interest in Ethereum by Exchange-Traded Funds (ETFs). In just five days of trading, over $1.8 billion worth of ETH were acquired by Spot ETFs in the USA. This sends a strong signal to the market: institutional appetite for Ethereum is rapidly increasing.
Bitcoin vs Ethereum, A New Balance
While Bitcoin remains firmly established as the market’s crypto safe haven, Ethereum is increasingly appealing due to its growth prospects. Smart contracts, decentralized finance, tokenization: areas where ETH has a competitive edge. The rotation of an investor of this size is not just a trivial matter. It sends a clear message: some significant capital believes that Ethereum’s upside potential could now surpass that of Bitcoin.
