- Dormant Bitcoin whale resurfaces, shifts millions from BTC to ETH.
- Ethereum futures hit record $8.3B open interest on CME.
- Institutional inflows boost ETH, while Bitcoin slips in market value.
A long-inactive Bitcoin whale has resurfaced with a dramatic shift toward Ethereum after seven years of silence. According to Lookonchain data, the investor once received 100,784 BTC worth $642 million and has remained inactive until now. The whale has recently sold Bitcoin and purchased 62,914 ETH, with an approximate value of $267 million, via spot trading.
In addition to this move, the whale also created a substantial long position of 135,265 ETH, worth an estimated $577 million. Another whale acted in a similar way, transferring BTC to Hyperliquid to sell and buy Ethereum.
This investor had already gotten 85,947 BTC and still possesses 83,585 BTC, which has a value of about $9.42 billion. The activities indicate a possible change in the strategy of large Ethereum owners.
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Ethereum Gains Institutional Attention
Ethereum has been building momentum across major trading platforms, despite recent price pressure. Data showed that ETH had hit a record on the Chicago Mercantile Exchange, with open interest in futures contracts standing at $8.3 billion. It is the highest level recorded in ETH derivatives.
Moreover, spot Ethereum ETFs have seen significant inflows during the month, which has created optimism in the market. Analyst Michael Terpin opined that ETH is on the verge of surpassing BTC, citing institutional inflows as a good indicator.
This increased interest is reflected in the market prices, as Ethereum has increased by 1.08 percent in the last 24 hours to $4,341. Bitcoin, however, declined by 0.6 percent over the same period and traded at $113,009.
Market Impact
The reappearance of dormant whales and their pivot into ETH underscores growing confidence in Ethereum’s long-term potential. Increased futures activity and ETF inflows build confidence in ETH as an alternative to BTC in terms of institutional capital.
The revival of inactive Bitcoin whales and their switch to Ethereum indicate a significant change in marketplace sentiments. With whales buying millions in ETH and institutions backing the asset, Ethereum is firmly establishing itself as a powerful player in the crypto space.
Also Read: Arthur Hayes Flips Bullish, Predicts Ethereum Could Soar to $20,000 This Cycle
