$11B Bitcoin Whale Rotates Into Ethereum, Buys $108M in Spot ETH 

• A Bitcoin whale worth $11B sold 22,769 BTC ($2.59B) to rotate into Ethereum.
• Accumulated 472,920 ETH ($2.2B) plus a $577M ETH perpetual long.
• Closed $450M in longs at $4,735, locking $33M profit.
• Added another $108M in spot ETH, still holds 40,212 ETH longs.
• Ethereum up 25% in 30 days, outperforming Bitcoin’s 5.3% decline.
• Analysts eye ETH between $4,600–$5,200 while BTC consolidates.
• Whale demand signals possible start of altcoin season.
• Fed Chair Powell’s dovish comments seen as catalyst for crypto inflows.

A crypto whale with over $11 billion in assets is making bold moves that could reshape near-term market sentiment, shifting billions from Bitcoin into Ether as Ethereum continues to outperform.

According to blockchain data reported by Cointelegraph, the whale sold 22,769 Bitcoin (worth $2.59 billion) last week after holding the assets for more than seven years. The proceeds were rotated into 472,920 spot Ether—valued at $2.2 billion—as well as a $577 million Ether perpetual long position on the decentralized exchange Hyperliquid. The scale of this rotation is among the largest seen in recent months, underscoring growing institutional confidence in Ether’s potential upside.

On Monday, blockchain analytics firm Lookonchain revealed that the whale closed $450 million of his Ether perpetual long at an average price of $4,735, locking in profits of around $33 million. Immediately after, the investor acquired another $108 million worth of spot Ether, suggesting continued conviction in Ethereum’s trajectory. The whale still maintains open long positions totaling 40,212 ETH (worth $184 million) with an unrealized profit of over $11 million.

Such movements are closely monitored by traders, as whale activity often signals broader market sentiment shifts. Ethereum has surged nearly 25% over the past 30 days, far outpacing Bitcoin’s 5.3% decline in the same period, according to TradingView data. Analysts point to whale accumulation as one of the primary drivers behind this divergence, with some suggesting that the recent Bitcoin slump to $112,000 was directly linked to capital rotations into Ether.

Willy Woo, a prominent on-chain analyst, highlighted these rotations as a major factor contributing to Bitcoin’s sudden 2.2% dip on Sunday, when the price dropped from $114,666 to $112,174 within less than an hour before stabilizing. Despite the decline, Woo and others emphasize that such redistributions may indicate a healthier multi-asset ecosystem where investor focus is broadening beyond Bitcoin dominance.

Ethereum’s outperformance has sparked discussion around the potential start of an altcoin season. Gracy Chen, CEO of Bitget, noted that Ethereum’s rally above $4,300 highlights robust ecosystem demand and a strong setup for further gains. According to Chen, Bitcoin is likely to remain range-bound between $110,000 and $120,000 over the next two weeks, while Ether could advance toward the $4,600 to $5,200 range.

Chen also pointed to Federal Reserve Chair Jerome Powell’s dovish comments during the Jackson Hole symposium as a key catalyst. Powell hinted that rate cuts could resume as early as September, increasing risk appetite across financial markets and fueling capital inflows into crypto. “On-chain data shows capital rotation underway, with whales selling Bitcoin to increase Ethereum exposure, further accelerating ETH’s momentum,” Chen added.

If these whale-driven flows continue, Ethereum could be positioned for a breakout to new highs, with analysts eyeing the $5,200 level as a near-term target. This would represent a significant milestone for Ether, which has been steadily regaining market dominance and ecosystem activity following broader market corrections earlier in the year.

Final Thought

The billion-dollar rotation from Bitcoin into Ethereum highlights a pivotal moment in crypto markets: whales are signaling confidence that Ether may outperform in the short-to-mid term. With Ethereum up nearly 25% in the past month and analysts pointing to $5,200 as a realistic near-term target, capital flows suggest that institutional money is betting on ETH strength amid Bitcoin’s consolidation. If sustained, this shift could mark the beginning of a broader altcoin season, with Ethereum leading the charge.