Ethereum Gains Whale Support With Billions From BTC Sales

Ethereum prices seem to be following the bullish path of Bitcoin, which it marked in between 2020- 2021, and with the positive upside, dormant whales seem to be selling their holdings to buy ETH.

Over the last few weeks, it has been reported that a dozen giant wallets have exchanged or sold their Bitcoins to buy Ethereum, as it is now speculated to break $5,000 and establish an ATH near $7,000.

Yet in the long term, experts from different financial organizations argue that ETH will mark new heights in the next few years, probably surpassing the growth pace of Bitcoin.

Thousands of Bitcoins sold for Ethereum buying

According to the X post from Lookonchain dated September 01, 2025, a Bitcoin OG has sold 2,000 BTC to acquire 48,942 ETH. With this Ether acquisition, he collectively now holds 886,371 ETH valued at nearly $4.07 billion.

This Bitcoin OG has sold another 2,000 $BTC($215M) and bought 48,942 $ETH ($215M) spot over the past 4 hours.In total, he has bought 886,371 $ETH($4.07B). pic.twitter.com/ymvyHyirFo

— Lookonchain (@lookonchain) September 1, 2025

A post on the same day notes that the whale has deposited 1,000 BTC into Hyperliquid to buy and strengthen his stash in Ether

On August 31, 2025, the same Bitcoin OG was reported to have sold 4,000 BTC for $435 million and bought 96,859 Ethereum

This Bitcoin OG just deposited another 1,000 $BTC($109M) into #Hyperliquid to dump and buy $ETH spot.He had previously purchased 740,570 $ETH($3.4B) and staked it. pic.twitter.com/7fACdeeZZs

— Lookonchain (@lookonchain) August 31, 2025

It is worth noting that the same address was reported on August 30 for selling 2,000 Bitcoin on August 30 to buy 49,850 ETH spot

The wallet has reportedly sold Bitcoin worth over $3 billion in the last few days and has placed a bet on Ethereum, buying in bulk, and now holds ETH for more than $4.0 billion.

Arkham Intelligence wrote in a X post dated August 30, 2025, that wallet ‘169q…………………….ZPd,’ bought Ethereum worth $430 million, and has been accumulating ETH in wallet ‘0x…………………..A9e.’

THIS WHALE JUST BOUGHT $430M OF ETH – AND STILL HAS $650M LEFT TO BUYA massive whale holding $5.97B USD of BTC has now bought $434.7M of ETH. Yesterday he moved $1.1 Billion to a new wallet 169q and has been purchasing ETH through Hyperunit.He has now purchased over $3… pic.twitter.com/AEWG0yJNaf

— Arkham (@arkham) August 30, 2025

MLM’s X account wrote on August 29, 2025, that the wallet address ‘17MWdx……………………..1rn,’ which still has 14,495 BTC, has moved 10,000 BTC to a new wallet and sent 1,000 Bitcoin to Hyperliquid, where it is currently rotating into Ethereum

The same BTC whale, who had been holding 56,816 BTC ($6B) in dormant wallets, just moved 10,000 BTC ( $1.08B) to a new wallet and sent 1,000 BTC ( $108M) to Hyperliquid, where it is currently rotating into ETH. This is the first tx on that address in over 5 years.…

— MLM (@mlmabc) August 29, 2025

The transaction is termed to be the 1st transaction in the last 5 years, on August 23, the reported balance of the OG was 24,495.3509 BTC.

A quick overview of Ethereum prices

According to the data from CoinMarketCap, Ethereum is now trading at $4,453, it is down by 2.92% in the past 7 days, yet in a week it grew by 26.55% in a month.

Source: CoinMarketCap

Over the last few trading sessions, the trading volume of ETH seems to be peaking at new heights, and as of writing, it has a volume of $30.37 billion, with $29,430,654,460 from CEX and $420,655,984 from DEX.

The hype of Ethereum is clearly seen in the market as it is currently exchanging hands at above all its crucial exponential moving averages, including 20-day, 50-day, 100-day, and 200-day.

Similarly, the positive factors have helped the ETH to reach a market dominance of 14.40% which grew by more than 24.14% in a month and more than 49% in the past 3 months.

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