Bitcoin Whale Dumps Billions For ETH, But $5 Billion Selloff Still Looms

An extended-dormant Bitcoin “OG” has been rotating billions of {dollars}’ value of BTC into ETH over the previous two weeks, executing the majority of the trades on Hyperliquid and withdrawing massive tranches of ETH to self-custody—earlier than staking a good portion on the Beacon Chain.

Bitcoin OG Whale Still Rotates Into ETH

On-chain sleuth “MLM” has chronicled the flows in actual time. In the latest 46-hour window, the handle cluster related to the dealer bought 7,000 BTC (≈$759 million at reference costs utilized by MLM) and purchased 171,791.84 ETH (≈$773 million).

MLM added that 3,000 BTC remained within the actively used supply handle—probably earmarked for additional rotation—whereas two older wallets nonetheless held a mixed 46,816 BTC (≈$5.07 billion). Cumulatively throughout the previous 11 days, MLM tallied 34,110 BTC bought (≈$3.7 billion) and 813,298.84 ETH bought (≈$3.66 billion), utilizing $108,400 per BTC and $4,500 per ETH as baseline pricing for comparability.

The execution venue has change into a part of the story. Hyperliquid’s public explorer (HypurrScan) reveals heavy exercise on the Hyperliquid account cited by MLM, corresponding with phased BTC deposits and batched ETH withdrawals. “MoonOverlord”—a dealer—downplayed the thriller across the venue alternative: “idk why it’s weird? it’s a commerce, he picked the perfect venue.” MLM replied that the oddity isn’t the platform however that “the identification of this individual is unknown, and he determined to swap such a lot of BTC to ETH, which is uncommon for a ‘og’ bitcoin whale.”

Arkham Intelligence independently flagged the identical entity, writing: “THIS WHALE JUST BOUGHT $430M OF ETH – AND STILL HAS $650M LEFT TO BUY,” and figuring out particular addresses on each chains. According to Arkham, the whale “has bought over $3 BILLION of ETH in whole and staked the vast majority of it,” with flows linking a BTC supply pockets starting “169q…” and an ETH receiver “0x6167…”.

Those staking claims are actually seen on-chain. On September 1, funding flows from 0x6167… led to a “Beacon Depositor” account that submitted a collection of deposit transactions totaling 165,010 ETH to Ethereum’s staking contract, with dozens of 30,000 ETH-sized and 15,010 ETH-sized deposit calls posted throughout the similar hour. The deposit contract view and the funding path from 0x6167… corroborate {that a} substantial slice of the newly acquired ETH has moved immediately into staking.

On the Bitcoin aspect, the energetic supply pockets “169q…” and two long-idle companion wallets “17MWd…” and “12Xqe…” anchor the cluster that MLM has been monitoring since final week. Mempool data present current inter-wallet exercise and outputs from 169q… according to the staged deposits to Hyperliquid described within the thread.

The dealer’s provenance continues to be speculative. MLM argues the entity is “presumably Asian,” noting that the unique BTC was amassed seven to eight years in the past through Asia-linked platforms and miners—“HTX, OKX, ViaBTC (a mining pool), Bixin (a miner), and Binance.” But MLM cautioned readers to not over-interpret intent: “Of course, don’t take this prediction as monetary recommendation, because it’s all hypothesis for now and we don’t know the intentions of this whale.”

$5 Billion Selloff Still Looms

While commentators are debating motives, the mechanics are clear: staged BTC funding to a single buying and selling venue, piecemeal ETH fills to reduce slippage, speedy withdrawals to self-custody, and swift conversion of a big portion to staked ETH. The cadence of deposits and withdrawals—some clustered over weekends—additionally strains up with timing observations in MLM’s logs and Arkham’s updates.

What stays unsure is how a lot additional the rotation will go. MLM’s working ledger instructed that at the least a number of thousand BTC had been nonetheless poised to maneuver: “Additionally, there’s one other mixed 46.816 BTC ($5.07B) throughout these wallets: 17MWd [and] 12Xqeq. Of this, one other 14.495 BTC ($1.57B) may get rotated primarily based on earlier exercise, although it’s unclear what is going to occur with the remaining 32.321 BTC ($3.5B). At this level, it seems to be like he’s rotating every thing lol.”

At press time, BTC traded at $109,621.