- A Bitcoin whale has shifted over $806 million into Ethereum, resulting in more than $100 million in unrealized profit.
- The investor’s strategy includes both spot and long positions, with continued ETH accumulation through Hyperliquid.
- Institutions such as Matrixport and World Liberty Financial are also expanding Ethereum holdings, signaling broader market interest.
A prominent Bitcoin whale has transitioned over $800 million into Ethereum, sparking renewed speculation of an altcoin market rally. According to on-chain tracking platform Lookonchain, the entity has steadily sold off Bitcoin holdings and reallocated into Ethereum over recent weeks. The wallet now holds 179,448 ETH, currently valued at around $806 million, purchased at an average price of $4,490.
The Ethereum allocation is comprised of 135,265 ETH in active long contracts valued at $581 million. These positions currently yield unrealized profits of approximately $58 million. The whale’s spot Ethereum holdings total 122,226 ETH, acquired at an average of $4,377, currently sitting on $42 million in unrealized gains. Combined, the shift to Ethereum has returned over $100 million in profit.
Continued Accumulation Signals High Conviction
The whale recently deposited another 300 BTC, worth $34.86 million, into Hyperliquid, converting it into Ethereum. This move followed the earlier sale of 4,000 BTC worth roughly $460 million. The Bitcoin-to-Ethereum transition has been consistent and aggressive, suggesting long-term conviction in Ethereum’s short-term performance potential.
Besides the whale activity, other notable institutions are increasing Ethereum exposure. Matrixport recently deposited 95,873 ETH, worth $452 million, into Binance and OKX, while simultaneously withdrawing over 2,300 BTC valued at $272 million. Similarly, Trump’s World Liberty Financial has increased its Ethereum purchases. These moves coincide with rising expectations surrounding Ethereum ETF approvals across multiple jurisdictions.
Market Indicators Reflect Altcoin Rotation
Ethereum’s price has surged to $4,700, nearing key resistance levels. Market resilience has been evident as Bitcoin maintains stability at $114,800, despite significant sell-offs. The ETH-to-BTC ratio has tilted in Ethereum’s favor, signaling a potential capital rotation from Bitcoin into altcoins. Increased ETH dominance indicates the shifting focus of major investors toward the altcoin segment.
