The “Bitcoin OG” that began rotating its $11.4 billion fortune to Ether
ETH$4,476in August continued buying ETH over the weekend and now holds $3.8 billion of it, onchain data shows.
In its latest move, the Bitcoin whale sold 4,000 Bitcoin worth $435 million, exchanging it for 96,859 spot Ether over a 12-hour splurge, Lookonchainsaidin a post on Sunday.
The whale then deposited another 1,000 Bitcoin into decentralized exchange Hyperliquid on Monday, potentially for more Ether buying.
The blockchain analytics service first noticed the whale on Aug. 25, and calculated its total holdings at 100,784 Bitcoin, worth over $11.4 billion at current prices.
The “Bitcoin OG” joins a string of other whales who have been trading out Bitcoin and buying Ether for the first time. Analysts told Cointelegraph that it is a sign that the market is maturing and that whales are diversifying in light of positive regulatory moves in the US.
Speaking to Cointelegraph, Henrik Andersson, chief investment officer of investment firm Apollo Crypto, said that it’s hard to know what individual whales are thinking, but historically, there has been a market rotation from Bitcoin to Ether, then to altcoins.
“After the GENIUS bill and pro-US regulations, there is more gravity behind some altcoins, especially Ethereum, and it could be some whales choosing to diversify in light of the positive backdrop,” he said.
In July, President Donald Trump then signed the GENIUS Act into law. The legislation focuses on stablecoins and is the country’s first federal law focused exclusively on payment stablecoins.