The “Bitcoin OG,” which started shifting its $11.4 billion wealth to Ether in August, has continued acquiring ETH over the weekend and currently possesses $3.8 billion of it, according to onchain data.
In its most recent activity, the Bitcoin whale liquidated 4,000 Bitcoin (BTC) valued at $435 million, trading it for 96,859 spot Ether during a 12-hour spree, as reported by Lookonchain in a Sunday post.
The whale further deposited
The blockchain analytics platform first identified the whale on August 25 and calculated its holdings at 100,784 Bitcoin, worth over $11.4 billion at current market rates.
The “Bitcoin OG” is following in the footsteps of numerous other whales who have begun trading out Bitcoin for Ether. Analysts conveyed to Cointelegraph that this trend signifies market maturation and suggests that whales are diversifying their holdings in response to favorable regulatory developments in the US.
Whales diversifying as ETH momentum builds
Henrik Andersson, chief investment officer of investment firm Apollo Crypto, discussed with Cointelegraph that while it’s challenging to discern the motivations of individual whales, historically, there has been a market shift from Bitcoin to Ether, then to altcoins.
“With the GENIUS bill and pro-US regulations, there is now stronger support behind certain altcoins, particularly Ethereum, and it appears some whales may be opting to diversify in light of this positive environment,” he noted.
In July, President Donald Trump signed the GENIUS Act into law, marking the first federal legislation focused exclusively on stablecoins.
Andersson remarked that Ether has been gaining traction since then, reaching a new all-time high of over $4,946 on August 24, per CoinGecko. Currently, the token is trading at $4,389, down 1.2% in the last 24 hours.
“Bitcoin has been stagnant for months, whereas Ethereum is experiencing real momentum. ETF inflows in August have heavily favored Ethereum, and we believe this trend will continue in the medium term.”
Crypto no longer a one-horse Bitcoin race
Ryan McMillin, chief investment officer of Australian crypto investment manager Merkle Tree Capital, told Cointelegraph that while established Bitcoin holders are branching out into Ether, it doesn’t signify a rejection of Bitcoin; rather, it reflects a recognition of the evolving crypto landscape.
“After years of retention, many OG whales regard Bitcoin as digital gold, while Ether presents yield through staking and exposure to the wider smart contract economy,” he elaborated.
“For Bitcoin veterans, investing in Ether isn’t just about chasing trends; it’s an acknowledgment that digital assets have expanded beyond mere value storage into a multi-protocol ecosystem with diverse and growing applications.”
Nevertheless, McMillin added that not all OG whales are diversifying; many are maintaining their Bitcoin holdings. This subset indicates that Ether has evolved into a key asset rather than merely a speculative option.
Related: OG Bitcoiners are rotating out, but it’s a healthy dynamic: Analysts
Simultaneously, he predicts that other altcoins may also attract interest from Bitcoin whales, suggesting the timing could reflect a “classic altseason rotation,” when Bitcoin remains robust, and some capital “naturally flows into ETH as investors seek relative value.”
“If the ETH movement gains momentum, it wouldn’t be surprising to see interest extend to Solana (SOL) next, given its popularity in consumer applications and DeFi.”
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