A dormant Bitcoin whale has reemerged with a decisive shift toward Ethereum, locking in more than $100 million in unrealized profits as ETH prices surge.

On August 22, blockchain tracker Lookonchain flagged the wallet after it began loading up on ETH through both spot purchases and leveraged trades.

The Bitcoin Whale’s Ethereum Position is Worth Over $850 Million

The whale, which received over 100,000 BTC nearly seven years ago, executed its first major Ethereum buys, which included a $270 million purchase of 62,914 ETH and a much larger $580 million derivatives long position worth 135,265 ETH.

These transactions signaled an intentional reallocation of holdings from a significant Bitcin holder of that scale.

On August 23, the whale also sent 300 BTC in two separate transactions to the derivatives platform Hyperliquid, suggesting a deliberate plan to expand their Ethereum exposure rather than a one-off allocation.

At current market prices, these trades have already paid off.

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Author: Oluwapelumi Adejumo

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