Bitcoin briefly fell below $108,000 on August 30, marking its weakest level since early July. The move came as market watchers tracked heavy selling pressure from a whale wallet that had been dormant for years.

Several on-chain analysts noted that the whale address suddenly began shifting large amounts of BTC, raising concern among traders.

Bitcoin Slips as Dormant Whale Shifts Billions Into Ethereum

On August 29, blockchain analytics firm Arkham Intelligence reported that an entity controlling more than $5 billion in Bitcoin was transferring it to Ethereum.

According to the firm, the whale moved about $1.1 billion worth of the asset into a new address before beginning a wave of Ethereum purchases.