The “Bitcoin OG” that started shifting its $11.4 billion fortune to Ether in August continued its buying spree over the weekend, now holding $3.8 billion in ETH, according to on-chain data.
In a recent transaction, the Bitcoin whale sold 4,000 Bitcoin (BTC) valued at $435 million, swapping it for 96,859 spot Ether during a 12-hour buying frenzy, Lookonchain reported in a post on Sunday.
The whale subsequently deposited an additional 1,000 Bitcoin into the decentralized exchange Hyperliquid on Monday, possibly for further Ether (ETH) acquisitions.
The blockchain analytics platform first identified the whale on Aug. 25 and estimated its total Bitcoin holdings at 100,784, valued at over $11.4 billion at current prices.
The “Bitcoin OG” joins an increasing number of whales who are exchanging Bitcoin for Ether for the first time. Analysts told Cointelegraph that this indicates a maturation of the market, with whales diversifying due to positive regulatory developments in the U.S.
Whales diversifying as ETH momentum builds
Henrik Andersson, chief investment officer at investment firm Apollo Crypto, commented to Cointelegraph that while it’s challenging to ascertain individual whales’ intentions, there has historically been a market shift from Bitcoin to Ether, and eventually to altcoins.
“Following the GENIUS bill and favorable U.S. regulations, there’s increased interest in certain altcoins, particularly Ethereum, which may lead whales to diversify in this positive environment,” he stated.
In July, President Donald Trump signed the GENIUS Act into law, focusing on stablecoins as the U.S.’s first federal legislation aimed specifically at payment stablecoins.
Andersson noted that Ether has been gaining traction since then, achieving a new all-time high on Aug. 24 at over $4,946, according to CoinGecko. The token is currently trading at $4,389, showing a 1.2% decrease in the last 24 hours.
“Bitcoin has remained stagnant for months while Ethereum shows real momentum. August saw significant ETF inflows favoring Ethereum, a trend we expect to 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 long-term Bitcoin holders are diversifying into Ether, it’s not a rejection of Bitcoin but rather an acknowledgment of the evolution in the crypto landscape.
“Many OG whales see Bitcoin as digital gold while Ether provides yield through staking and taps into the wider smart contract economy,” he explained.
“For Bitcoin veterans, moving some assets into Ether reflects an understanding that digital assets have evolved beyond mere value storage to encompass a multi-protocol ecosystem with diverse applications.”
However, McMillin mentioned that not all OG whales are shifting away; many are maintaining their Bitcoin investments. It’s this particular subset signaling that Ether is becoming a core holding as opposed to a speculative afterthought.
Related: OG Bitcoiners are rotating out, but it’s a healthy dynamic: Analysts
At the same time, he speculates that other altcoins might also attract attention from Bitcoin whales, suggesting a classic “altseason rotation,” where strong Bitcoin performance leads capital to flow into ETH as investors seek relative value.
“If the ETH rotation gains traction, it would not be surprising to see flows extend into Solana (SOL) next, given its popularity in consumer applications and DeFi.”
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