Dormant Bitcoin OG Awakens: Why Whales Are Now Betting on Ethereum

On 22 August 2025, on-chain activity showed a shocking transaction of a quiet Bitcoin whale. A mythical wallet holding 100,784 BTC worth $642 million woke up from its seven-year slumber, Lookonchain reported . The whale unloaded some of the hoard, purchased 62,914 ETH worth $267 million, and even initiated a monstrous 135,265 ETH long position value of $577 million.

Source: X

To further create suspense, another wallet from ancient times was observed sending BTC to Hyperliquid. Tracking showed this address received 85,947 coins seven years ago, mirroring the same trading style. Analysts believe both wallets belong to the same investor. Six other addresses linked to this entity still hold 83,585 BTC valued at $9.42 billion.

This is not the first time dormant giants have moved. In July 2025, another early adopter unloaded over 80,000 coins that had been untouched for 14 years . The last tranche of 40,192 BTC valued at $4.83 billion was shipped to Galaxy Digital in a three-day record sell-off of $9.53 billion at an average selling price of $118,834.

Why Major Bitcoin Whales Now Have Their Attention Focused on Ethereum?

The sudden divergence from BTC to ETH introduces an important question: why are the large holders diversifying? Previously, Bitcoin was the crown jewel of the cryptocurrency world, but Ethereum has been increasing its influence. ETH rose 16% to $4,281.04 market capitalization of $516.62 billion in the last month.

Source: CoinMarketCap

Meanwhile, Bitcoin declined over 5%, indicating losing steam. Traders such as Arthur Hayes have pointed to Ethereum's possibilities . Hayes famously short-called a $5,000 price, and while he shorted twice, the token continued going higher, prompting him to re-bull at higher points. This resilience gives whales an excuse to target Ethereum as a second growth story.

Dormant Bitcoin OGs Are Awakening—What’s Driving These Billion-Dollar Moves?

Large, inactive wallets suddenly resurfacing is stirring speculation across the crypto community. The July movement of 80,202 BTC, untouched since 2011, had triggered theories it might even be tied to Satoshi Nakamoto. These coins, originally acquired at just $0.78 each, were divided into eight wallets and left untouched for over a decade before liquidation.

The awakening trend highlights how whales are reshaping market sentiment. Selling at such scale injects both liquidity and fear. While some see this as natural portfolio diversification, others view it as a signal that legacy holders are cautious about future price stability.

Bitcoin Price Prediction: Could This Whale Activity Trigger the Next Big Crash?

According to Ali Martinez , BTC is testing a crucial support level near $112,000. Losing this level may drag it to $108,000, while further weakness could expose $104,000 or even $100,000. On the flip side, holding support could see a bounce toward $116,000, with stronger resistance near $124,000–$126,000.

Source: X

Analysts caution that rejection from $124,000 suggests fading momentum.If the $110,000 barrier is crossed, prices could firm their fall to $92,000. High-profile warnings from Robert Kiyosaki and former Binance CEO CZ of an impending crash carry more weight for bearish worries.

Conclusion

The rousing of sleeping whales is unsettling market confidence while diverting attention away from ETH. Whether or not such billion-dollar shifts represent a manifestation of natural rebalancing or a warning sign of underlying vulnerability, the next direction of the market near $112,000 will be determined by future price action.

Disclaimer: This is for general information purposes only and should not be used as financial advice. Always do your own research before making a decision.