Bitcoin veteran cashes out $76M to go all-in on Ethereum

A long-term Bitcoin holder has shaken the market by unloading 670 BTC—worth about \$76 million—after seven years of dormancy, redirecting the funds into leveraged Ethereum positions in a rare and closely watched move.

Blockchain data revealed on Wednesday that the whale offloaded 670 BTC worth roughly $76 million and immediately redeployed the funds into leveraged Ether positions.

According to analytics platform Lookonchain, the whale opened four separate long positions totaling 68,130 ETH, marking one of the most significant publicized shifts from Bitcoin to Ethereum by a long-term Bitcoin holder this year.

Before the transaction, the whale controlled 14,837 BTC, an amount worth more than $1.6 billion at current market prices. Records show these assets were initially acquired through major exchanges Binance and HTX over seven years ago, underscoring the whale’s status as a seasoned, long-term Bitcoin holder.

Leveraged Ether positions face volatility

The whale’s Ether positions were entered at an average price of $4,300, with three of the trades using 10x leverage and a smaller one at 3x leverage. The timing, however, proved challenging. Shortly after the move, Ether dropped to $4,080, leaving three of the leveraged positions close to liquidation thresholds set around $3,700.

“Leveraged bets from whales can inject both confidence and volatility into the market,” — Marcus Sotiriou, Market Analyst, GlobalBlock. “This case shows how even a long-term Bitcoin holder is willing to take significant risks to diversify into Ethereum.”

At the time of writing, Ether has rebounded, trading at $4,287 up 2.9% in the last 24 hours, according to CoinGecko. Still, the near-liquidation event highlights the dangers faced when a long-term Bitcoin holder turns to aggressive leverage strategies.

Institutions and whales diverge on Ether

While one long-term Bitcoin holder moved into Ether, other whales reacted differently during the same period of market turbulence. Lookonchain reported that three large investors panic-sold 17,972, 13,521, and 3,003 ETH during a dip, crystallizing losses.

In contrast, institution-linked wallets took the opposite stance. Two addresses, identified as belonging to institutional investors, each accumulated 9,044 ETH worth $38 million. Publicly traded firm BitMine Immersion Technologies added another 52,475 ETH to its balance sheet, bringing its Ethereum treasury to 1.52 million tokens valued at $6.6 billion.

“Institutions are clearly more comfortable with Ether exposure than in previous cycles,” — Laura Shin, Host of Unchained podcast. “The move by a long-term Bitcoin holder only adds to the narrative that Ethereum is no longer seen as speculative but as a critical piece of the crypto economy.”

Old Bitcoin wallets stir after years of silence

The whale’s pivot also comes amid a wave of activity from dormant Bitcoin wallets. Last month, a Satoshi-era whale holding 80,201 BTC made its first transfers in 14 years, moving funds to Galaxy Digital. On the same day, another whale moved 1,042 BTC after six years of inactivity.

Crypto analyst Willy Woo noted that long-term Bitcoin holder activity has been trending downward since 2017, with whales gradually reducing exposure while institutional demand rises.

“The supply is rotating from OG Bitcoiners to new entrants, which is healthy for market maturity,” Woo said in June.

A maturing market or a risky shift?

For many crypto investors, the latest move illustrates both opportunity and risk. A long-term Bitcoin holder shifting into Ether highlights Ethereum’s growing prominence, particularly as it approaches its prior all-time high of $4,878. Yet, the use of heavy leverage underscores the dangers even whales face when attempting to time the market.

Whether this signals a broader trend of long-term Bitcoin holders diversifying into Ethereum or remains an isolated move is still unclear. What is evident is that the behavior of veteran whales continues to influence market sentiment and investor confidence across the digital asset landscape.

Market strategists suggest that such shifts could also reshape liquidity flows between Bitcoin and Ethereum, potentially narrowing the dominance gap between the two assets. If more long-term Bitcoin holders diversify into Ether, it may accelerate Ethereum’s role as a parallel store of value while reinforcing the perception that Bitcoin is no longer the sole “safe haven” within the crypto ecosystem.