This $11.4B Whale Is Dumping Bitcoin for Ethereum: Will ETH Hit ATH?

Ethereum ETH $4 602 24h volatility: 3.6% Market cap: $556.03 B Vol. 24h: $49.84 B has been getting impressive attention from small and large investors as Bitcoin BTC $111 474 24h volatility: 2.9% Market cap: $2.22 T Vol. 24h: $49.06 B drops further each day.

According to data from Lookonchain, an old Bitcoin wallet that accumulated 100,784 BTC for $642 million over the past seven years has been aiming for Ethereum. The BTC holdings of this whale are now worth over $11.4 billion.

The Bitcoin OG who received 100,784 $BTC($642M then, now $11.4B) 7 years ago is frantically dumping $BTC for $ETH.

In the past 5 days, they've deposited ~22,769 $BTC($2.59B) to #Hyperliquid for sale, then bought 472,920 $ETH($2.22B) spot and opened a 135,265 $ETH($577M) long.… pic.twitter.com/uciVTlxR5W

— Lookonchain (@lookonchain) August 25, 2025

The address has already dumped 22,769 BTC, worth $2.59 billion, and received 472,920 ETH, worth $2.22 billion, in their spot wallet on Hyperliquid. In addition, the whale also opened a $577 million ETH long position.

The interest in ETH comes as the asset hit a new all-time high of $4,953 on Aug. 24 for the first time since November 2021. Ethereum soon faced a selloff and is now trading at $4,630.

Ethereum’s bullish momentum surprised the broader market, as Bitcoin has been constantly moving away from its ATH of $124,457. BTC is now hovering below the $112,000 mark.

Moreover, strong institutional demand for ETH has also been a major catalyst for its latest ATH price tag. While the US-based spot BTC exchange-traded funds have been seeing six days of consistent outflows, ETH-related products recorded roughly $625 million in net inflows on Aug. 21 and 22.

The decentralized finance sector has also been promising, with leading Ethereum-based protocols Lido and AAVE hitting new ATHs in terms of total value locked.

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