A BTC whale once held approximately $11 billion in BTC and two months ago exchanged over $5 billion of that BTC for ETH. Now, he has returned to the cryptocurrency market and transferred $360 million worth of BTC.
According to blockchain data platform Arkham, this whale transferred $360 million worth of BTC to the hot wallet "bc1pd" of the decentralized finance (DeFi) protocol Hyperunit on Tuesday. This marks the whale's first transfer in two months.
Based on the whale's trading pattern, this transfer may indicate that they are once again rotating funds, shifting towards ETH.
As reported by Cointelegraph in September, this $11 billion Bitcoin giant emerged two months ago and converted approximately $5 billion worth of BTC to ETH, briefly surpassing the second-largest corporate finance company, Sharplink, in total ETH holdings.
As of Wednesday, the whale's main wallet still holds over $5 billion worth of BTC, indicating greater potential selling pressure on BTC.
This BTC whale began shifting funds to ETH on August 21, when they exchanged $2.59 billion worth of BTC for $2.2 billion in spot ETH and $577 million in ETH perpetual long positions.
Cointelegraph mentioned in a report on August 27 that this move inspired other large investors, including nine "whale" addresses that collectively purchased $456 million worth of ETH in just one day.
Ryan Lee, chief analyst at the BTC exchange Bitget, stated that despite the resurgence of whale activity, BTC continues to attract investors, especially those seeking to hedge against rising U.S. government debt and potential government shutdowns.
He told Cointelegraph, "In this environment, capital is flowing towards scarce, non-sovereign assets that can maintain value over the long term." He believes that BTC's scarcity and divisibility are key characteristics of its role as "digital gold."
Meanwhile, BTC holders who have been "asleep" for three to five years recently set a record for the largest cumulative transfer in 2025.
According to data shared by CryptoQuant analyst Maartunn on Tuesday, these investors transferred a total of 32,300 BTC to exchanges, worth $3.93 billion, marking the largest transfer record for this group so far this year.
According to analyst Willy Woo's analysis, the large-scale sell-off by previously "asleep" BTC whales is one of the main reasons for limiting BTC price volatility.
In a post on X on August 25, he stated, "BTC supply is concentrated in the hands of OG whales who hoarded BTC back in 2011 when the price was under $10."
He said, "The differences in cost basis, the supply they hold, and the speed at which they sell have profound impacts on the amount of new capital needed to enter the market and the price increase."
However, according to Matrixport's analysis, despite market concerns about whale selling and widespread calls for a "altcoin season," BTC may still outperform other crypto assets.
Matrixport wrote in a post on X on Wednesday, "In the past two months, Bitcoin's market dominance briefly declined as ETH and certain altcoins performed well, but this trend has now reversed—indicating that BTC has regained dominance in this cycle."
Matrixport added that despite "countless" calls for an altcoin season in the market, the current rebound remains "selective" rather than universal.
Related: Bitcoin (BTC) still has room for growth: Analysts say the $300,000 price target is still achievable
Original article: “$11 Billion Bitcoin Whale Returns with $360 Million BTC Transfer After Two Months”
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