A prominent Bitcoin whale known for its long-standing “diamond hands” position over the past seven years has recently liquidated a portion of its holdings to establish a new position in Ethereum . The transaction highlights an evolving sentiment among large-scale crypto investors, with some shifting focus from Bitcoin to Ethereum amid market fluctuations.
According to recent data, this whale sold approximately 670 Bitcoin , valued at around $76 million, and allocated the proceeds into four new Ethereum positions totaling approximately 68,130 ETH. Prior to the sale, the whale held over 14,800 Bitcoin , amassed through purchases made on platforms such as Binance and HTX dating back to 2016. The move marks a notable pivot in the behavior of seasoned cryptocurrency holders, especially considering Bitcoin ’s all-time high of $124,128 reached just a week earlier and Ethereum ’s nearing of its 2021 peak of $4,878.
Following the recent activity, Ethereum prices experienced a slight decline, dipping to a low of around $4,080 before recovering to approximately $4,287, representing a 2.9% gain over the past 24 hours. The initial Ethereum positions were opened at levels near $4,300, with the majority employing 10x leverage, though there are smaller positions on 3x leverage. Notably, three of these positions are approaching liquidation levels, with prices sitting just above critical thresholds.
Institutional activity also reflects increased interest in Ethereum . Some large wallets associated with institutional entities have accumulated significant amounts of ETH — such as two wallets acquiring around 9,044 ETH each, valued at roughly $38 million. Additionally, publicly traded Bitcoin miners like BitMine Immersion Technologies have added to their Ether reserves, boosting holdings to over 1.5 million ETH — worth approximately $6.6 billion.
Meanwhile, other high-net-worth Bitcoin holders have been moving their assets. A Satoshi-era whale shifted approximately 80,201 Bitcoin to Galaxy Digital after a dormancy of over 14 years, marking one of several recent large transfers. Such activity underscores ongoing shifts within the cryptocurrency ecosystem, with experienced holders re-evaluating their portfolios amidst market volatility and institutional interest.
While some of these large moves may raise questions, industry analysts note that selling by whales is a natural part of market cycles. As new buyers enter the space, these shifts are often viewed as signs of maturation rather than concern.
