Bitcoin Whale Sells $189 Million BTC for Massive Ethereum Long Position
A Bitcoin whale who held 14,837 BTC for seven years sold $189 million worth of Bitcoin to open leveraged Ethereum positions totaling $295 million. According to Cointelegraph, the whale initially sold 670 BTC for $76 million on Wednesday, then deposited another 1,000 BTC worth $113 million on decentralized exchange Hyperliquid.
The whale used these funds to acquire 68,130 ETH across four positions around the $4,300 price level. Most positions use 10x leverage while a smaller 2,449 ETH position operates on 3x leverage. The whale's original Bitcoin holdings dated back to purchases from Binance and HTX exchanges over seven years ago.
The timing proved challenging as Ethereum's price dropped to $4,080 after position entry. Three of the four positions fell into losses, trading just $300 above liquidation prices of $3,699, $3,700, and $3,732. The whale now holds 55,700 spot Ethereum worth over $240 million and 300 BTC worth $34 million on Hyperliquid.
Why This Whale Movement Matters
The transaction demonstrates renewed institutional confidence in Ethereum despite recent volatility. CoinDesk reported that Bitcoin whales holding over 10,000 BTC have been accumulating heavily, making this shift to Ethereum particularly noteworthy. The whale's move occurred as Bitcoin briefly touched $124,128 and Ethereum approached its 2021 high of $4,878.
Large holder movements often signal broader market sentiment changes. The whale's decision to leverage heavily into Ethereum suggests expectations of significant price appreciation. However, the close proximity to liquidation levels creates substantial downside risk if Ethereum fails to maintain current price levels.
We previously reported that Strategy raised $2 billion through zero-interest notes to fund additional Bitcoin purchases, demonstrating continued institutional demand for Bitcoin. This whale's shift to Ethereum contrasts with broader institutional Bitcoin accumulation trends observed throughout 2025.
Industry Implications for Cryptocurrency Markets
The whale rotation from Bitcoin to Ethereum reflects growing confidence in Ethereum's ecosystem expansion and potential price performance. Blockchain News documented that whale accumulation patterns typically precede major price movements, with Bitcoin whales adding 15,000 BTC to large wallets in May 2025.
This position size creates meaningful market impact potential. The whale's $295 million bet represents significant capital allocation that could influence Ethereum's short-term price action. Exchange data shows the initial Bitcoin sale caused a 200 basis point price drop on Hyperliquid, demonstrating how large transactions affect market liquidity.
Traditional financial institutions continue monitoring whale behavior for market timing signals. The move occurs as twenty U.S. states consider Bitcoin reserve legislation totaling $23 billion in potential allocations. However, this whale's Ethereum pivot suggests some large holders view alternative cryptocurrencies as offering superior returns despite growing institutional Bitcoin adoption trends across traditional finance sectors.
