 
 
A mysterious OG Bitcoin whale who has held onto their BTC stash for the last seven years offloaded some of their bag on Wednesday to open a long position in Ethereum (ETH).
According to blockchain sleuth Lookonchain, the long-time hodler sold 670.1 BTC, worth approximately $76 million, through the decentralized exchange Hyperliquid, then used the funds to open huge longs of 68,130 ETH ($295M).
Earlier this month, Bitcoin hit a new lifetime high of just over $124,000, while ETH nearly surpassed its 2021 record peak.
The whale’s rotation came shortly after Bitcoin slumped near a two-week low of $112,460 on Wednesday, as traders nervously await Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole Symposium, which could provide key signs on September’s interest rate policy.
Before the sale, the whale held 14,837 Bitcoin valued at more than $1.6 billion, dating back to acquisitions from digital asset exchanges Binance and HTX approximately seven years ago.
 
Institutional Buyers Stockpiling ETH Too
Lookonchain noted earlier that three whales panic-sold 17,972 ETH, 13,521 ETH, and 3,003 ETH during the latest market correction. Meanwhile, two institution-linked wallets were amassing Ether, buying 9,044 tokens worth $38 million.
Tom Lee’s BitMine Immersion Technologies, the listed firm with a digital asset treasury strategy focusing on Ethereum, recently added another 52,475 ETH to its treasury, pushing its total holdings to 1.52 million tokens worth a record-smashing $6.6 billion. With this stack, BitMine is trailing only the original treasury play Strategy.
Digital gambling marketer SharpLink debuted its ETH acquisition playbook in May, snapping up over $667 million in ETH earlier this week. Other public companies, including BitDigital, The Ether Machine, and GameSquare, are also adding the altcoin king to their balance sheets.
Source: https://zycrypto.com/bitcoin-og-dumps-76-million-btc-after-7-years-of-hodling-to-go-long-on-ether/