Dormant Bitcoin Whale Awakens After Seven Years, Acquires $270 Million in Ethereum

Users interpreted the investor's actions as a positive signal for Ethereum.

On August 22, a Bitcoin whale’s wallet, dormant for seven years, became active. Analysts at Lookonchain noted this development.

A Bitcoin OG who received 100,784 $BTC($642M) 7 years ago ended his dormancy recently— selling $BTC while buying 62,914 $ETH ($267M) spot and opening a massive 135,265 $ETH($577M) long position.

We just spotted another Bitcoin OG depositing $BTC into #Hyperliquid to sell and buy… pic.twitter.com/qhebN276Lf

— Lookonchain (@lookonchain) August 22, 2025

The investor acquired 62,914 ETH (~$270 million) on the spot market and opened a long position for 135,265 ETH (~$580 million) in futures. This was achieved by selling part of the 100,784 BTC received seven years ago from exchanges HTX and Binance.

Experts suggested this might be part of a unified strategy by an individual or organization controlling multiple wallets. On August 21, they recorded a similar operation: a Bitcoin whale dormant since 2018 sold 670 BTC (~$76 million) and acquired 68,130 ETH (~$295 million).

Later, a crypto analyst using the pseudonym MLM noted that the user deposited another 1,000 BTC (~$113 million) into the decentralized exchange Hyperliquid. Instead of opening another long position through futures, they purchased Ethereum on the spot market.

The total funds associated with what is presumed to be the same investor are estimated at 83,585 BTC (~$9.45 billion). These funds are distributed across six addresses in the Bitcoin and Ethereum networks.

Community Reaction

Users interpreted the whale’s actions as a positive signal for Ethereum. A crypto enthusiast under the pseudonym Nomad responded to Lookonchain’s tweet, stating it “looks like the end of a BTC bull market.” 

Yeah, this really looks like the end of a BTC bull market, game over.

— Nomad (@nomadBIP91) August 22, 2025

An investor known as Crypto Joe expressed optimism about Ethereum’s prospects, noting the significant number of whale purchases of the crypto asset. 

A lot of $ETH buys coming in lately.

Bullish.

— Crypto Joe (@CryptoJoeReal) August 22, 2025

The positive sentiment surrounding the second-largest cryptocurrency by market capitalization is underscored by ongoing inflows into ETFs based on the coin. On August 21, $287.61 million flowed into exchange-traded funds. 

Earlier, former BitMEX CEO Arthur Hayes announced his purchase of Ethereum, predicting the coin’s rise to $20,000 within the current cycle. 

Over the past 30 days, the asset’s price has increased by 10.7%. On August 13, the rate tested the $4,700 mark, approaching the all-time high of $4,878 (according to CoinGecko). 

At the time of writing, Ethereum is trading at $4,315. 

In the past month, Ethereum has outperformed Bitcoin in terms of dynamics (+14% versus -5.4%). Analysts at JPMorgan highlighted four main reasons for Ethereum’s dominance.