Bitcoin Whale Dumps $806M BTC for Ethereum: Altseason Ahead?
Bitcoin OG Shifts Focus to Ethereum with Massive $806M Investment
A prominent Bitcoin OG has significantly altered their crypto portfolio, divesting thousands of BTC in favor of Ethereum. This whale recently sold an additional 4,000 BTC, valued at $460 million, bringing their total Ethereum purchases to an impressive $806 million. With a substantial long position still active and considerable unrealized profits, this move is sparking discussions about a potential altcoin season.
Details of the Ethereum Accumulation
Over the past few weeks, the whale has steadily increased their exposure to Ethereum. According to a Lookonchain post, the investor now holds 179,448 ETH, worth approximately $806 million, acquired at an average price of $4,490. This position includes 135,265 ETH in long contracts, valued at $581 million, with $58 million in unrealized profits.
Just recently, the Bitcoin OG deposited another 300 BTC (worth $34.86 million) into Hyperliquid and subsequently converted it into ETH, indicating a strong conviction in this trading strategy. The whale's spot holdings now include 122,226 ETH, bought at an average of $4,377, showing $42 million in unrealized profits, adding to the gains from long positions.
The Bitcoin OG moved out another 4,000 $BTC($460M) to buy $ETH.
So far, he has bought 179,448 $ETH($806M) at an average price of $4,490, and still holds a 135,265 $ETH($581M) long position.https://t.co/9Rtc4gW1tr pic.twitter.com/FE7wdk2CD6
— Lookonchain (@lookonchain) August 23, 2025
In total, the whale’s Ethereum bet is yielding more than $100 million in profit. This shift represents one of the most significant moves from Bitcoin to Ethereum by a major player in recent months, reflecting a growing belief that Ethereum may outperform Bitcoin in the near future.
This aggressive accumulation suggests that whales might be positioning themselves in anticipation of broader institutional demand, especially with ETH ETF approvals potentially on the horizon. For projects launching tokens or deploying smart contracts, securing these assets with audits from firms like Codeum is crucial.
Notably, while this Bitcoin OG increases ETH holdings, other entities like Matrixport deposited 95,873 ETH ($452 million) into Binance and OKX, while simultaneously withdrawing over 2,300 BTC ($272 million).
Market Response and Altcoin Season Expectations
As of this writing, Bitcoin’s price is at $114,800 and not showing significant price changes. The market has absorbed the selling pressure from the BTC sale, demonstrating resilience, with spot demand remaining strong above $110,000.
Meanwhile, ETH price is trading at $4,700, approaching major resistance levels. A decisive breakout could validate the whale's move and attract further institutional investment.
The BTC-to-ETH ratio is shifting in favor of Ethereum, signaling a potential capital rotation towards altcoins. This trend is further supported by increased Ethereum purchases from entities like World Liberty Financial, indicating growing institutional interest in ETH.
This rotation could suggest Ethereum taking the spotlight and a high probability of an altcoin season.