A Bitcoin whale that swapped roughly $4 billion of BTC for Ether in August has resumed selling, moving 1,176 BTC (~$136M) to the Hyperliquid exchange and beginning further offloads as Bitcoin tests the $116,000 resistance level.
Whale moved 1,176 BTC to Hyperliquid
Prior two-week sale: ~35,991 BTC (~$4B) swapped for Ether
ETH/BTC ratio ~0.0401; whale faces ~460 BTC unrealized loss if reversing
Bitcoin whale sells BTC for Ether; whale resumes selling after $4B swap, moving 1,176 BTC to Hyperliquid—read latest on whale flows and BTC price action.
A Bitcoin whale that swapped $4 billion in Bitcoin for Ether two weeks ago has started offloading more of the cryptocurrency.
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What did the Bitcoin whale do and when?
Bitcoin whale action: a long-term holder who swapped nearly 35,991 BTC (about $4 billion) for Ether in late August resumed selling on Sept. 1, depositing 1,176 BTC (≈$136 million) to the Hyperliquid exchange and initiating further disposals. The move follows a two-week pause after the earlier massive swap.
Two wallets associated with an address that held BTC for over eight years transferred 1,176 BTC to the trading platform Hyperliquid and began selling, according to public on-chain monitoring attributed to Lookonchain and public blockchain records.
Source: Lookonchain
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How much was sold previously and what are the ratio implications?
The trader sold about 35,991 BTC for Ether in late August. At current ETH/BTC market metrics, reversing that trade now would cost roughly 460 BTC in net terms—an estimated $53 million at today’s BTC prices.
The ETH/BTC ratio has hovered below 0.05 since July 2024 and stands near 0.0401, up ~6% month-over-month. The ratio peaked historically at 0.14 in mid-2017, providing context for current cross-asset valuations.
Why does this whale selling matter for Bitcoin price?
Large, sudden whale sales can supply significant liquidity to the market and create short-term downward pressure. Traders monitor moves from dormant wallets because prolonged inactivity followed by major transfers often signals reallocations by long-term holders, which can shift market sentiment.
Bitcoin price recently encountered resistance near $116,000, trading around $115,500 over the 24-hour window with a high near $116,182 and a low just under $115,000. The asset remains roughly 7% below its Aug. 14 peak above $124,000.
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When did other dormant wallets move and where did they send funds?
Additional dormancy-break transfers were observed in early September. One wallet that had been inactive for nearly 13 years moved almost 445 BTC, partially directing funds to Kraken. Another wallet holding ~480 BTC made transfers for the first time since 2012, apparently relocating funds to a new address.
These movements, documented in on-chain explorers and reported by on-chain analytics handles in public posts, indicate multiple long-term holders are adjusting positions this month.
How should traders interpret these whale flows?
- Monitor exchange inflows: Large transfers to centralized exchanges can precede market sell pressure.
- Track ETH/BTC ratio: Cross-asset swaps reveal preferences between BTC and ETH and can signal sectors of strength.
- Contextualize with price action: Whale sales during resistance tests (e.g., $116K) increase the probability of short-term pullbacks.
Comparison: Recent notable whale transfers
| Transfer | Amount (BTC) | Approx. USD | Destination |
|---|---|---|---|
| August swap | 35,991 | ~$4,000,000,000 | Swapped to Ether (on-chain) |
| Sept. 1 transfer | 1,176 | ~$136,000,000 | Hyperliquid (exchange deposit) |
| 13-year dormant wallet | ~445 | Varies with price | Kraken (partial) |
Frequently Asked Questions
Did the whale sell all holdings when swapping to Ether?
The whale swapped nearly 35,991 BTC for Ether in late August but did not sell its entire position at once; recent activity shows additional partial disposals, including a 1,176 BTC transfer to Hyperliquid on Sept. 1.
Will these whale sales push Bitcoin below $100K?
Whale sales increase near-term downside risk, but price moves also depend on broader liquidity, buyer demand, and macro catalysts. Current evidence shows resistance near $116,000 rather than an imminent break below $100,000.
How can traders track whale movements?
On-chain analytics platforms and public transaction explorers record large transfers; monitoring exchange inflows and dormant wallet activity provides timely signals for positioning.
Key Takeaways
- Whale resumed selling: A long-term holder who swapped ~$4B of BTC for ETH has moved 1,176 BTC to Hyperliquid and started selling.
- Market context: BTC is testing resistance near $116,000 while ETH/BTC sits around 0.0401, implying cross-asset trade-offs.
- Trading insight: Monitor exchange inflows and ETH/BTC ratio for signs of further liquidation or reallocation.
Conclusion
On-chain signals show a notable long-term Bitcoin holder re-entering the sell-side after a large BTC→ETH swap. These moves, combined with BTC testing resistance at $116,000 and several dormant wallets activating, warrant attention from traders and analysts monitoring liquidity and sentiment. COINOTAG will continue tracking on-chain flows and price action for updates.