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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.
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.
— Lookonchain (@lookonchain) August 22, 2025
We just spotted another Bitcoin OG depositing $BTC into #Hyperliquid to sell and buy… pic.twitter.com/qhebN276Lf
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.
Lookonchain estimates the derivatives position is up around $58 million, while the spot purchase has added roughly $42 million in paper gains. Combined, the wallet now sits on more than $100 million in profit from this pivot alone.
Beyond the profits, the whale’s shift points to a broader market trend showing that Ethereum is steadily pulling more liquidity and market interest.
A CEXIO report shows Ethereum’s share of spot trading on major centralized platforms climbed above 32% in August, its highest level since 2017.
According to the firm, that shift has been partly driven by retail investors, who increased participation in sub-$3,000 order sizes, and institutions following with larger trades.
Apart from that, CEX.io pointed out that capital net position data shows that Ethereum rose 23% in August, while Bitcoin dropped by 43%. That dynamic highlights how capital rotation has tilted toward $ETH, reflecting shifting confidence among traders.
So, it is unsurprising that Ethereum rose to a new all-time high after risk appetite improved across the crypto market following Federal Reserve Chair Jerome Powell’s Jackson Hole remarks.
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