A Bitcoin whale, previously holding around $11 billion in BTC, has made a comeback in the cryptocurrency market, transferring over $360 million in Bitcoin after shifting more than $5 billion into Ether two months ago.
This whale address moved $360 million worth of Bitcoin (BTC) to the decentralized finance (DeFi) protocol Hyperunit’s hot wallet “bc1pd” on Tuesday, marking their first transfer in two months, according to blockchain data platform Arkham.
The transaction may indicate a potential rotation back into Ether (ETH), reflecting the whale’s previous trading patterns.
As of Wednesday, the whale retained over $5 billion in Bitcoin within their primary wallet, suggesting further selling pressure for the first cryptocurrency.
The whale began converting funds into Ether on Aug. 21, selling $2.59 billion of BTC for a $2.2 billion spot Ether and a $577 million Ether perpetual long position.
This action prompted other significant investors, including nine large whale addresses that accumulated a total of $456 million worth of ETH within a single day, shortly after the whale’s initial rotation, according to Cointelegraph on Aug. 27.
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Despite renewed activity from whales, Bitcoin continues to draw investors looking for a hedge against rising federal debt and the ongoing US government shutdown, said Ryan Lee, chief analyst at crypto exchange Bitget.
“In this environment, capital is gravitating toward scarce, non-sovereign assets that preserve value over time,” Lee told Cointelegraph, highlighting Bitcoin’s scarcity and divisibility as key traits reinforcing its status as “digital gold.”
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Bitcoin holders transfer $3.9 billion in dormant Bitcoin
Meanwhile, Bitcoin holders who have remained inactive for three to five years recently recorded their largest cumulative transfer of 2025.
This group sent a combined 32,300 Bitcoin, valued at $3.93 billion, to exchanges, marking the largest transfer from this segment so far this year, according to data shared by CryptoQuant analyst Maartunn on Tuesday.
Analysts have noted that large-scale selling from previously dormant Bitcoin whales significantly impacted Bitcoin’s price movements in August, according to Willy Woo.
“BTC supply is concentrated among OG whales who peaked their holdings in 2011,” purchasing Bitcoin below $10, Woo stated in an Aug. 25 X post.
“This cost basis differential, combined with their supply and selling rate, profoundly affects the amount of new capital required to drive prices up,” he added.
Nonetheless, despite concerns over whale selling and widespread anticipation for an altcoin season, Bitcoin may be primed to outperform other crypto assets, according to Matrixport.
“In the past two months, Bitcoin dominance slightly decreased as ETH and certain altcoins outperformed; however, that trend is reversing, indicating Bitcoin’s resurgence in leadership for this cycle,” they noted on Wednesday via X.
Matrixport added that while there have been numerous calls for an altcoin season, the current rally appears to be “selective rather than broad-based.”
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