Dormant 2018 Bitcoin Whale Swaps 100k BTC for 198k ETH
A Bitcoin wallet dormant since 2018 sold 100,784 BTC today, realizing a 1,613% return on the original purchase made when BTC traded near $13,000. The whale converted proceeds into 62,914 ETH in the spot market and opened a 135,265 ETH long position, totaling about $844 million in Ethereum exposure. On-chain data also flags another 2018 holder offloading 85,947 BTC for ETH. Meanwhile, Ethereum is trading near $4,300, up more than 60% year-on-year. Institutional interest is rising as ETH treasury companies and ETFs like Tom Lee’s BitMine and BlackRock’s iShares Ethereum Trust accumulate over 5 million ETH. StrategicEthReserve reports $44 billion in ETH held in treasuries and ETFs, about 9% of supply. This move underscores a major shift from Bitcoin to Ethereum and could signal bullish momentum for ETH in both short and long term.
Bullish
A massive on-chain switch from Bitcoin to Ethereum by a long-dormant whale highlights growing confidence in ETH. Similar past whale rotations have driven notable price rallies. Combined with rising institutional inflows into ETH treasuries and ETFs, this event suggests increased demand and bullish sentiment for Ethereum in both the short term—by boosting liquidity and market attention—and the long term—by reinforcing ETH’s role as a strategic asset alongside Bitcoin.