TLDR
- Bitcoin whale sells $76M to enter long positions in Ether, buying 68,130 ETH.
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The whale’s Ether positions face market uncertainty after price dips to $4,080.
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Institutions are actively accumulating Ether, with BitMine adding 52,475 ETH.
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Bitcoin whales have started diversifying their portfolios, including significant moves into Ethereum.
A major Bitcoin whale has sold 670 BTC, worth $76 million, to open long positions in Ether (ETH). This move, which occurred just hours after a speech by Federal Reserve Governor Christopher Waller praising stablecoins and the potential of digital assets, highlights a shift in strategy by one of Bitcoin’s long-time holders.
Before the sale, the whale had amassed 14,837 Bitcoin, which it had been holding since making purchases from crypto exchanges Binance and HTX over the last seven years. The sale of Bitcoin comes as Ethereum has been gaining traction, with Ether nearing its 2021 all-time high of $4,878.
Bitcoin Whale Strategy: Going Long on Ethereum
The whale, identified by blockchain analytics firm Lookonchain, used the $76 million to open four long positions in Ethereum, purchasing 68,130 ETH. According to Lookonchain, the majority of the whale’s Ethereum positions are on 10x leverage, with a smaller portion on 3x leverage.
Despite the large investment, the timing of the whale’s move has proven to be risky. After the positions were opened, Ethereum’s price dropped, hitting a low of $4,080.
A Bitcoin OG holding 14,837 $BTC($1.69B) sold 670.1 $BTC($76M) today and opened massive longs of 68,130 $ETH($295M).
A whale deposited 670.1 $BTC($76M) to Hyperliquid in the past 20 hours and sold it, then went long on $ETH across 4 wallets with positions totaling 68,130… pic.twitter.com/2xdG2LjgYl
— Lookonchain (@lookonchain) August 21, 2025
This decline brought the whale’s positions close to liquidation levels, raising concerns about the potential for further losses if ETH prices dip below the key thresholds of $3,699 and $3,732.
Ethereum’s Price Fluctuations and Market Response
Ethereum price volatility highlights the risks involved in such large leveraged positions. However, despite the short-term downturn, Ether has shown resilience. It is currently trading at $4,287, up 2.9% in the last 24 hours.
This fluctuation is part of a broader market trend, as large-scale investors, including Bitcoin whales, diversify their portfolios.
The entry of this Bitcoin whale into Ethereum comes amidst growing institutional interest in the cryptocurrency. Notably, a publicly traded Bitcoin company, BitMine Immersion Technologies, has also added 52,475 Ether to its treasury, further signaling the increasing appeal of Ethereum among institutions.
Institutional Interest in Ethereum Grows
While Bitcoin whales have started to diversify their holdings, Ethereum has attracted significant institutional interest. Two institutional-linked wallets have been spotted accumulating a total of 18,088 Ether, worth $76 million.
This reflects a broader trend where institutions are increasingly allocating funds to Ethereum, a promising cryptocurrency for both DeFi applications and future blockchain-based innovations.
This institutional activity follows a wave of Ethereum-related interest, particularly from investors looking to capitalize on the blockchain’s potential for applications in decentralized finance (DeFi) and smart contracts. The increased focus on Ether may signal a broader shift in how both retail and institutional investors perceive Ethereum relative to Bitcoin.
