- A long-term Bitcoin whale just sold $136M after a $4B ETH swap, shaking traders as BTC tests $117K levels.
- Old Bitcoin wallets are suddenly moving again, hinting that veteran holders may be repositioning before big market changes arrive.
- Analysts say Bitcoin’s $117K resistance and $113K support remain crucial as ETH and Solana show signs of fresh momentum.
Bitcoin’s long-term holder unloaded another $136 million worth of BTC onto Hyperliquid. On September 15, blockchain tracker Lookonchain revealed that two wallets tied to an eight-year-old address deposited 1,176 BTC. This move reignited concerns after the same whale sold over $4 billion worth of Bitcoin for Ether in August. The timing raised alarms as Bitcoin crossed $116,000 for the first time in weeks.
Whale Activity and Market Reactions
The whale had previously sold nearly 36,000 BTC for Ether in late August. That shift represented one of the largest Bitcoin-to-Ether swaps recorded. After a two-week pause, the wallets resumed selling pressure. Consequently, traders speculated on the impact of whales unloading BTC into the open market. Such activity often sparks fear about downward pressure on prices.
The ratio of ETH to BTC has remained weak. It currently sits at 0.0401, still far from the 2017 peak of 0.14. Interestingly, if the whale swapped back now, they would lose nearly 460 BTC, worth about $53 million.
Broader Whale Moves and Technical Outlook
Besides this major whale, other dormant wallets have also resurfaced. Last week, a 445-BTC wallet moved funds for the first time in 13 years. Earlier this month, another 480-BTC wallet shifted holdings after being inactive since 2012. These sudden reactivations fueled speculation about older investors repositioning ahead of macro events.
Market analysts remain focused on key levels. Edul Patel, CEO of Mudrex, stressed that Bitcoin is holding firm above $115,400. He noted resistance near $117,100 and support at $113,500.
Patel also highlighted Solana’s breakout at $242 and Ethereum’s consolidation around $4,600. Moreover, CoinSwitch Markets Desk pointed to institutional flows and ETF demand as critical drivers for ETH.
Additionally, macroeconomic factors play a role. The Fed is expected to cut rates on September 17, sparking speculative demand. However, elevated Treasury yields could reduce the bullish effect.
Whale sales often unsettle markets. These moves reveal shifting long-term strategies and highlight the balance between institutional demand and market psychology.
