Key Takeaways
- An early wallet that received 100,784 BTC seven years ago has continued moving billions into ETH over the last two weeks.
- The whale now holds 837,429 ETH, worth approximately $3.8 billion.
- Companies like SharpLink Gaming and BitMine continue to accumulate billions in ETH.
A legendary early Bitcoin (BTC) whale has continued to make waves in the crypto market after unloading more of their holdings in exchange for Ethereum (ETH).
The move comes after Ethereum hit a new all-time high on Sunday, August 24. Co-founder Joseph Lubin recently predicted the asset could grow by 100 times its current value.
Bitcoin ‘OG’ Offloads
Seven years ago, an anonymous wallet received an astonishing 100,784 BTC, worth about $642 million at the time.
Today, those coins are valued at over $11.4 billion.
For years, the funds have remained largely untouched, fueling speculation about the owner’s identity and long-term intentions.
However, the whale began making aggressive moves over the last two weeks, shifting billions of dollars’ worth of Bitcoin into Ethereum.
Bitcoin Whale Shifts More BTC For ETH
In its latest move towards Ethereum, the Bitcoin whale sold 4,000 Bitcoin worth approximately $435 million, exchanging it for 96,859 spot ETH across a 12-hour buying spree, according to Lookonchain data.
Following this, the whale then deposited another 1,000 Bitcoin into the Hyperliquid decentralized exchange on Monday.
The whale now holds 837,429 ETH, worth approximately $3.8 billion, the blockchain data analyst said.
On August 24, the whale deposited roughly 22,769 BTC ($2.59 billion) to Hyperliquid, a decentralized exchange, for liquidation.
With those proceeds, they purchased 472,920 ETH ($2.22 billion) spot and opened a 135,265 ETH long position ($577 million).
The dramatic move signaled mixed reactions from the community, with some X users labeling the strategy as “crazy.”
“Bro got $11.4b+ still want to gamble here. That’s crazy,” said one user.
Others believed the purchase was a clear signal for the trajectory of Ethereum.
“I mean, talk about a signal. This is like a Vegas-sized flashing billboard just smacking everyone in the face and yet still will just overlook or not even care,” said another user.
Joseph Lubin Predicts ETH Surge
On August 30, Lubin took to X to share his future predictions for Ethereum, and he is feeling particularly optimistic.
The Ethereum co-founder said that Wall Street will stake Ethereum because they pay for their infrastructure and ETH will “replace much of the many siloed stacks they operate on.”
“Yes, ETH will likely 100x from here. Probably much more,” he wrote.
Lubin added that financial institutions will need to become TradFi companies that operate on decentralized rails.
“…and that means staking, running validators, operating L2s/L3s/etc, participating in DeFi and writing smart contract software for agreements, processes and financial instruments, etc,” he said.
Ethereum Corporate Interest
While Bitcoin remains the most recognized cryptocurrency in the mainstream, Ethereum has been steadily building momentum and has even taken the lead in some key areas.
Ethereum has surged in the corporate world this year, with many companies aggressively buying up billions worth of ETH.
SharpLink Gaming has quickly become one of the largest institutional holders of ETH. Its treasury now holds 740,760 ETH, worth approximately $3.2 billion.
The biggest current holder, BitMine, has acquired over 1.5 million ETH, valued at approximately $6.6 billion, through aggressive purchases.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
