An ancient Bitcoin (BTC) whale, weary from the sea of digital currencies, has decided to trade its vast treasure for the shimmering scales of Ethereum (ETH).
This peculiar turn of events occurs as Ethereum, like a siren, lures investors with its melodious promises of higher returns, leaving the once mighty Bitcoin to ponder its place in the sun.
Amid the ‘Ethereum Season,’ a Bitcoin Whale Finds New Depths in ETH
In a cryptic message from the depths of the blockchain, Lookonchain, a firm that peers into the watery abyss of digital finance, revealed that this seasoned whale had amassed 14,837 BTC seven years ago from the mystical exchanges of HTX and Binance. At an average price of $7,242, this hoard was initially valued at $107.5 million, but now glitters with a value exceeding $1.6 billion.
The wise old whale, sensing the changing tides, deposited 670.1 BTC, worth a cool $76 million, into Hyperliquid, a decentralized platform where traders can swim in perpetual contracts. After a brief dip, the whale sold its BTC and, with the grace of a dolphin, leaped into the waters of Ethereum, acquiring 68,130 ETH (approximately $295 million) across four wallets. The whale, not one to shy away from a bit of risk, used leverage of up to 10x on most of its trades.
“Bro knows BTC is cooked and it’s time for ETH now,” mused an analyst, scratching his head at the whimsical ways of the market.
Despite the whale’s grand strategy, the latest market data from HypurrScan shows that all its wallets are currently sitting on unrealized losses totaling $1.8 million. A small price to pay for the thrill of the chase, one might say.
However, this dive into ETH seems to reflect a growing confidence in the coin’s upward trajectory, possibly fueled by Ethereum’s ongoing rally. The altcoin has outperformed Bitcoin in the second quarter of this year, and the trend continues into the third quarter.
Data from Coinglass reveals that ETH has delivered a 71.91% return in the third quarter to date, a stark contrast to BTC’s meager 6.28% return.
Earlier this week, BeInCrypto reported that Ethereum ETFs experienced a rapid influx of capital, condensing what would typically take a year of growth into a mere six weeks.
“Ether ETFs Turn Bitcoin Into ‘Second Best’ Crypto Asset in July,” proclaimed Bloomberg’s senior ETF analyst Eric Balchunas, adding a touch of drama to the financial narrative.
Moreover, institutional interest is gradually shifting from Bitcoin to Ethereum. BeInCrypto noted that the number of firms acquiring Bitcoin for their treasuries has significantly decreased, with only 2.8 companies purchasing Bitcoin daily.
In contrast, Ethereum and other altcoins continue to attract the attention of corporate investors. The latest data from the Strategic ETH Reserve website indicates a significant surge in ETH holdings by entities, rising from $6 billion to $17 billion in just one month-a staggering 183% increase.
The shift towards ETH is a clear sign of the ‘Ethereum Season,’ where the asset has become the darling of the market. Experts predict that this is the second phase of the market cycle, after which capital will flow into other coins, marking the peak of the altseason. But for now, the whale and many others are content to ride the wave of Ethereum’s success, hoping it leads them to uncharted riches.
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2025-08-21 15:07