A major Bitcoin whale has returned with another massive move, shifting $136 million worth of BTC to HyperLiquid just weeks after executing a record-breaking $4 billion swap into Ethereum.
Key Takeaways
- A Bitcoin whale deposited 1,176 BTC, worth $136 million, to HyperLiquid after a two-week pause, signaling renewed selling pressure.
- This comes after the same entity previously swapped 35,991 BTC for 886,371 ETH, one of the largest BTC to ETH trades in history.
- Whale activity appears to align with increased ETH inflows and BTC outflows across ETFs and trading platforms.
- These movements are contributing to price volatility and bearish technical signals for Bitcoin, while Ethereum gains momentum.
What Happened?
A dormant Bitcoin whale has resumed major selling activity, transferring 1,176 BTC to the decentralized exchange HyperLiquid. The value of this transfer sits at approximately $136 million. This move follows a two-week period of inactivity after the whale executed a record-breaking rotation of nearly 36,000 BTC into Ethereum.
Whale Moves Shake the Market
The Bitcoin OG first caught attention between August 20 and September 1, when they exchanged 35,991 BTC worth $4.04 billion for 886,371 ETH valued at $4.07 billion. This massive swap came after years of wallet inactivity, with some addresses dormant for over eight years.
New data from Lookonchain and Arkham Intelligence confirms the latest BTC deposit involved two transactions of 551.7 BTC and 625 BTC, respectively. These wallets are directly linked to the same whale who led the $4 billion Ethereum rotation.
After a two-week break, the #BitcoinOG who exchanged 35,991 $BTC($4.04B) for 886,371 $ETH($4.07B) is back to selling $BTC!
— Lookonchain (@lookonchain) September 14, 2025
2 wallets linked to this #BitcoinOG have deposited 1,176 $BTC($136.2M) to Hyperliquid in the past 2 hours and started dumping.https://t.co/LTiJHW049j pic.twitter.com/L0m2bEG1J7
Despite the large transfers, the whale still controls over 49,600 BTC valued at $5.4 billion, distributed across four different wallets. Analysts believe these ongoing moves represent a deliberate portfolio strategy rather than panic selling.
Ethereum’s Rising Star
The timing of this rotation aligns with broader trends in institutional investment. In August alone, Ethereum ETFs attracted $3.9 billion in net inflows, while Bitcoin ETFs experienced $750 million in net outflows. Ethereum’s growing relevance in DeFi and Layer-2 applications, along with optimism about future upgrades, appears to be drawing whale interest.
- ETH has rallied approximately 117% against BTC since April 21
- The ETH/BTC ratio has risen to 0.0401, up from a low of 0.018 earlier in 2025
- Ethereum recently hit a new all-time high near $4,957
Still, the whale’s arbitrage position is not without risk. If the rotation were reversed today, it would face losses of around 460 BTC, or $53 million.
More Whales Wake Up
This single whale isn’t alone. Several dormant Bitcoin wallets from 2011 to 2013 have recently become active, transferring substantial amounts to exchanges. These include:
- A 445 BTC wallet moving funds for the first time in nearly 13 years
- A 480 BTC wallet that became active after more than a decade
These reactivations have injected selling pressure into the market, reinforcing Bitcoin’s struggle to break resistance levels around $116,000. Technical analysis shows further weakness:
- Bitcoin’s 50-day EMA now acts as resistance at $113,465
- MACD indicators turned negative, signaling trend deterioration
- September remains historically weak for Bitcoin, averaging losses of 3.77% in bull market years
Institutional and Retail Divergence
Despite retail uncertainty, institutional interest remains strong, with corporate Bitcoin holdings now exceeding $200 billion across 190 entities. However, traders are increasingly watching ETH markets for opportunity.
Whale moves like these often trigger spikes in ETH volume and price, with historical data showing that Ethereum tends to rise 3 to 7 percent in the 24 hours following such swaps. Ethereum’s gas fees and the Bitcoin dominance index will be key indicators to watch in the coming days.
CoinLaw’s Takeaway
In my experience, when whales start making coordinated moves like this, it’s never random. This isn’t just a sell-off. This is a calculated reshuffle of billions in capital. The $4 billion BTC-to-ETH rotation was a massive statement, and now, the renewed $136 million BTC dump adds another layer of urgency for traders to pay attention. I’ve seen how these shifts ripple across the market. It’s not just about price but about confidence, momentum, and signaling. If you’re only watching Bitcoin charts, you might be missing where the real action is headed.
