A dormant Bitcoin whale has resurfaced with a massive play into Ethereum, accumulating a combined spot and derivatives position exceeding $850 million and netting well over $100 million in unrealized profits as of today.
Key Takeaways:
- A Bitcoin whale, inactive for roughly seven years, purchased approximately 62,900 ETH in spot trades (~$270M), and opened a leveraged long of 135,265 ETH (~$580M), generating ~$100M in paper gains.
- Ethereum’s share of spot trading surged to 32% in August, the highest since 2017, while Bitcoin’s net positions dropped 43%.
- ETH trades at $4,772.40 (+1% intraday), while BTC sits at $114,820 (slightly lower), signaling capital rotation into ETH.
In an X post, analytics firm Lookonchain flagged a long-silent Bitcoin whale who received 100,784 BTC (~$642M) 7 years ago, now resurfacing and making massive Ethereum moves. The whale bought 62,914 ETH (~$270M) in spot, then opened a derivatives long of 135,265 ETH (~$580M). Combined, these generated ~$42M in spot gains and ~$58M in long gains over $100M unrealized profit so far.
Ethereum Hits Fresh All-Time High as Whale Rotates From Bitcoin
The whale’s resurgence coincided with Ethereum climbing to a new record high above $4,770, surpassing its previous peak set in November 2021. This rally has been fueled by rising smart contract adoption, DeFi activity, and a wave of capital rotation from Bitcoin into ETH.
Besides the scale of transactions, the shift is notable also because of its timing, where Ethereum’s trading volume skyrocketed, capturing 32% of spot volume on major exchanges in August, the highest since the 2017 bull market. Meanwhile, Bitcoin’s net positions have dropped 43%, indicating a rotation of capital toward ETH, according to Coindoo’s latest report. As of writing (11:35 UTC, August 24), Ethereum (ETH) trades at $4,745.20 with a modest gain of 0.4% over the past 24 hours as it undergo its consolidation phase. Intraday highs were seen at $4,806.26 while lows are around $4,702.64. Meanwhile, Bitcoin (BTC) sits at $114,638 with a slight drop of approximately 0.7% over the past 24 hours, according to the latest market statistics from TradingView.
The ETH breakout to fresh highs reinforces the whale’s conviction and highlights growing confidence in Ethereum’s network fundamentals.
Whale Extends Ethereum Exposure with Fresh Capital
The whale didn’t stop at the initial trades. On August 23, the same whale transferred 300 BTC (≈$34.9M) to Hyperliquid, likely boosting Ethereum exposure further. Additional reports suggest the whale now holds upward of $581M in ETH long positions and $535M in spot ETH, with total unrealized gains exceeding the $100M mark.
Outlook: Ethereum’s Breakout Could Redefine Market Leadership
The awakening of this long-dormant Bitcoin whale marks one of the most dramatic capital reallocations in recent memory. With ETH’s price establishing a new all-time high, unrealized whale profits already past $100 million, and institutional sentiment shifting, Ethereum appears positioned to lead the next leg of the market cycle. Observers will be watching closely to see if other whales follow this rotation, potentially cementing ETH as the flagship asset in the evolving crypto portfolio.
Summary
A dormant Bitcoin whale reemerged after 7 years, pivoting ~$850M into Ethereum across spot and derivatives. The massive bet generated >$100M in unrealized profit as ETH hit a new ATH above $4,770. ETH’s spot volume share surged to 32%, while BTC net positions fell 43%, underscoring capital rotation.
With further ETH longs (~$581M) and spot (~$535M) in play, the whale’s conviction reflects growing confidence in Ethereum fundamentals. If others follow, ETH could solidify leadership in the next market cycle.
