A familiar shadow has stretched across the crypto landscape once more. That old-school Bitcoin holder, the one we’ve been watching with bated breath, just made another move. After a short break, this “OG whale” is back in action, sending ripples through the market.
- An “OG whale” recently deposited approximately 1,176 Bitcoin, valued at $136.2 million, onto the decentralized exchange Hyperliquid, where the funds were subsequently sold.
- This activity follows a significant rotation of 35,991 BTC for ETH by the same whale a few weeks prior, indicating a potential shift in strategy after a long period of dormancy.
- The whale’s actions and broader market trends, including outflows from Bitcoin ETFs and inflows into Ethereum ETFs, suggest a significant reallocation of capital within the crypto space.
This past weekend, two wallets linked to this very whale deposited about 1,176 Bitcoin onto Hyperliquid. That is a hefty sum, roughly $136.2 million. Onchain analysts at Lookonchain noted the funds were then “dumped,” a term that always gets a trader’s attention. Hyperliquid, for those unfamiliar, is a decentralized exchange, a place where folks can trade crypto without a central company holding their funds.
Arkham data offers a clearer picture of these transactions. We saw two distinct transfers: one for 551.7 BTC, valued at about $60.1 million, and another for 625 BTC, worth around $72.4 million. Both went straight to the exchange. It seems our whale is not shy about making big statements.
This isn’t the first time this particular whale has caught our eye. Just a few weeks ago, between August 20 and September 1, they swapped an eye-watering 35,991 BTC for 886,371 ETH. That was a rotation of about $4.04 billion in Bitcoin for $4.07 billion in Ethereum. This came after a seven-year period of silence, a digital slumber, if you will. It makes you wonder what finally stirred them awake.
Even after that massive trade, Lookonchain reported the whale still held a substantial 49,634 BTC across four wallets. That’s roughly $5.4 billion. So, while these recent deposits are significant, they are just a fraction of their total Bitcoin stash. It’s like taking a few coins from a very deep pocket.
The Shifting Tides of Capital
This whale’s big switch from Bitcoin to Ethereum wasn’t an isolated event. It actually mirrored a broader trend we saw playing out in the world of spot crypto exchange-traded funds, or ETFs. These funds offer a way for traditional investors to get exposure to crypto without directly holding the assets.
August saw a notable shift. Spot Bitcoin ETFs experienced net outflows exceeding $750 million. Meanwhile, Ethereum ETFs told a different story, recording $3.9 billion in monthly net inflows. Data compiled by The Block painted this picture quite clearly. It suggests a collective re-evaluation of where the smart money might be headed.
Ethereum’s journey against Bitcoin this year has been a bit of a rollercoaster. Early in 2025, ETH struggled, losing half its value compared to Bitcoin. It hit a low point, a ratio of about 0.018, following President Trump’s Liberation Day tariff announcements in April. Those announcements certainly sent some tremors through the markets.
However, since April 21, Ethereum has enjoyed a period of strong outperformance. It has gained approximately 117% against Bitcoin. It’s a testament to how quickly sentiment can turn in these markets. One day you’re down, the next you’re soaring.
Since our OG whale began their rotation, the ETH/BTC ratio has climbed 8.3%. It currently sits at 0.039. This is a slight dip from its peak of around 0.043 on August 24, a peak that coincided with the whale’s initial big moves. It shows how closely these large capital shifts can align with market movements.
Old Hands, New Moves
The activity of this particular whale is part of a larger pattern we’ve observed in recent months. Old-school Bitcoin wallets, those that have been dormant for years, are suddenly waking up. It seems the continued rise of Bitcoin to new all-time highs is prompting some long-time holders to reassess their positions.
Consider the case of Galaxy Digital in July. They sold more than 80,000 BTC for a Satoshi-era investor. That was a staggering $9 billion at the time. The funds had not moved in 14 years. Yet, the market absorbed this large, relatively swift sale without much trouble. It speaks to the growing maturity and liquidity of the Bitcoin market.
Just last week, another dormant Bitcoin wallet stirred to life. This one held around 445 BTC, worth over $50 million. It had been inactive for 13 years. Before that, another address, holding about 479 BTC ($53 million), also became active after a similar 13-year slumber. It’s like watching ancient digital giants slowly stretch and move.
These movements from long-dormant wallets are always fascinating. They represent capital that has been sitting untouched for over a decade, through multiple bull and bear cycles. What prompts these holders to finally move their Bitcoin now? Is it simply profit-taking after new highs, or something more strategic?
Perhaps it is estate planning, as was the case with the Galaxy Digital client. Or maybe these “OGs” see a new landscape forming, one where Ethereum plays an increasingly central role. Whatever the reason, their actions offer a rare glimpse into the minds of those who got in early, those who truly understand the long game.
The recent activity of this whale, along with others, suggests a period of significant capital reallocation within the crypto space. It’s a reminder that even the oldest hands are constantly evaluating where the next big opportunity lies. We will certainly keep an eye on these movements, watching for what they might signal about the future direction of the market.