New data from the market intelligence platform Lookonchain reveals that one deep-pocketed Bitcoin (BTC) investor suddenly awoke from a seven-year slumber to sell off hundreds of millions of dollars worth of the crypto king to accumulate Ethereum (ETH).
In a new thread on X, Lookonchain says the crypto whale sold $337 million worth of the top digital asset by market cap and gobbled up $215 million worth of ETH while opening a staggering $577 million worth of ETH long positions.
[adinserter block="1"]“This Bitcoin OG is going crazy long on ETH and buying ETH spot. Over the past two days, he sold 2,970 BTC, opened ETH longs totaling 135,265 ETH, and bought 50,472 ETH in spot.”
Lookonchain goes on to report that a different address – though likely the same high-net-worth trader based on historical trading patterns – is looking to gobble up more of the top altcoin.
“A Bitcoin OG who received 100,784 BTC ($642 million) seven years ago ended his dormancy recently – selling BTC while buying 62,914 ETH ($267 million) spot and opening a massive 135,265 ETH ($577 million) long position.
We just spotted another Bitcoin OG depositing BTC into [decentralized exchange] Hyperliquid to sell and buy ETH. On-chain tracking shows this OG received 85,947 BTC ($547 million) seven years ago – matching the trading pattern of the OG we reported recently. Likely the same whale. We’ve identified six of their wallets still holding a massive 83,585 BTC ($9.42 billion).”
The crypto analytics firm concludes by noting that the whale in the first trade is seeing massive unrealized gains from acquiring ETH as the token shot above $4,600.
“ETH just broke above $4,600! The Bitcoin OG holding a 135,265 ETH ($577 million) long now sits on an unrealized profit of over $40 million.”
Ethereum is trading for $4,787 at time of writing, a 12% gain on the day while BTC is valued at $116,762.
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