A Bitcoin whale, previously holding approximately $11 billion in BTC, has re-entered the cryptocurrency market after converting over $5 billion of their holdings into Ether two months ago, making another substantial Bitcoin transfer of $360 million.
This whale address transferred $360 million worth of Bitcoin (BTC) to the decentralized finance (DeFi) protocol Hyperunit’s hot wallet “bc1pd” on Tuesday. This transfer is their first in two months, according to blockchain data from Arkham.
The transfer might indicate another shift towards Ether (ETH), reflecting the whale’s transaction behavior.
The $11 billion Bitcoin whale emerged two months ago and swapped around $5 billion worth of BTC for Ether, briefly surpassing Sharplink, the second-largest corporate treasury firm, in total ETH holdings, as reported by Cointelegraph on Sept. 1.
As of Wednesday, the whale still holds over $5 billion worth of Bitcoin in their primary wallet, suggesting potential selling pressure for the original cryptocurrency.
The Bitcoin whale began rotating their funds into Ether on Aug. 21, selling $2.59 billion worth of BTC for a $2.2 billion spot Ether purchase and a $577 million Ether perpetual long position.
This strategy encouraged other large investors, including nine “massive” whale addresses that collectively acquired $456 million worth of ETH within one day after the whale’s initial rotation, according to Cointelegraph on Aug. 27.
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Despite renewed whale activities, Bitcoin remains attractive to investors seeking a hedge against rising federal debt and the ongoing US government shutdown, noted Ryan Lee, chief analyst at crypto exchange Bitget.
“In this environment, capital is moving towards scarce, non-sovereign assets that preserve value over time,” Lee told Cointelegraph, highlighting Bitcoin’s scarcity and divisibility as crucial attributes that reinforce its position as “digital gold.”
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Bitcoin holders transfer $3.9 billion in dormant Bitcoin
Meanwhile, Bitcoin holders who have remained dormant for three to five years recently executed their largest cumulative transfer of 2025.
This group of investors transferred a total of 32,300 Bitcoin worth $3.93 billion to exchanges, representing the largest transfer from this segment year-to-date, according to data from CryptoQuant analyst Maartunn on Tuesday.
Significant selling from previously dormant Bitcoin whales contributed to limiting Bitcoin’s price movements in August, according to analyst Willy Woo.
“BTC supply is centered around OG whales who peaked their holdings in 2011,” purchasing Bitcoin below $10, Woo noted in an Aug. 25 X post.
“This difference in cost basis, the supply they control, and their selling rates significantly impact how much new capital is necessary to elevate prices,” he added.
However, despite concerns regarding whale selling and numerous predictions for an altcoin season, Bitcoin might outperform other crypto assets, according to Matrixport.
“In the last two months, Bitcoin dominance momentarily decreased as ETH and specific altcoins outperformed, but this trend is now reversing – indicating that Bitcoin is regaining its leadership in this cycle,” the firm reported on Wednesday via X.
Matrixport further noted that while many have called for an altcoin season, the current rally remains “selective rather than widespread.”
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