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A prominent Bitcoin whale has begun selling a significant amount of cryptocurrency once again as Bitcoin holds steady near the $116,000 level. This comes just two weeks after the investor swapped more than $4 billion worth of Bitcoin for Ether, signaling renewed activity from a wallet that had been dormant for years.
According to blockchain analytics platform Lookonchain, two wallets associated with a Bitcoin address that hadn’t been active for over eight years transferred 1,176 BTC—valued at approximately $136 million—to the trading platform Hyperliquid on Sunday. The wallets “started dumping,” the analytics firm reported on its social platform, raising concerns about potential downward pressure on Bitcoin prices.
A Brief Pause Before Renewed Sales
Lookonchain pointed out that this whale had taken a short break after executing a massive exchange in late August. During that transaction, the whale swapped nearly 36,000 BTC, worth over $4 billion at the time, for Ether. The move drew attention from market watchers who saw it as a shift in “smart money” interest toward Ether.
The pause in activity had lasted for about two weeks, but with Bitcoin’s price crossing above $116,000—something it hadn’t done in the past three weeks—the whale appears to have reactivated and started liquidating its holdings once more.
Why Whale Activity Matters
Movements by large Bitcoin holders, often referred to as “whales,” are closely monitored by traders because they can influence market trends. When such investors sell large amounts of Bitcoin, it may signal to other traders that selling pressure is increasing. This can lead to broader market reactions and possible price declines.
Blockchain experts believe that when whales, especially those that have been inactive for years, begin moving their funds, it may reflect changing sentiment or a shift toward alternative investments. In this case, the whale’s previous preference for Ether and recent re-entry into Bitcoin sales has prompted discussions around market stability.
ETH to BTC Ratio Shows Little Change
The exchange ratio between Ether and Bitcoin has remained relatively stable following the whale’s large swap in August. At the time, the ETH to BTC ratio hovered around 0.04, a figure that has persisted for several months. If the whale were to convert its current Ether holdings back to Bitcoin, it would incur a loss of approximately 460 BTC, which translates to around $53 million based on current prices.
For context, the ETH to BTC ratio reached its highest point at 0.14 in mid-2017 and has since mostly stayed below 0.05. Over the past month, it has seen a modest 6% increase, now resting at 0.0401.
Bitcoin’s Price Hovers Near $116,000
Bitcoin’s price has struggled to break decisively above the $116,000 mark. After reaching $116,182 on Friday, Bitcoin has been trading near $115,500 over the past 24 hours. It has experienced a high of over $116,000 and a low under $115,000, unable to sustain a move higher.
Bitcoin’s current price stands about 7% below its recent high of $124,000 seen on August 14. Traders are keeping a close watch on whether Bitcoin can break past this resistance or if it will face renewed selling pressure, especially from large holders.
Other Whale Activities Suggest Increased Market Movements
This recent wave of selling is not isolated. Several other Bitcoin wallets have recently become active after long periods of dormancy, signaling that major holders may be repositioning their assets.
For example, a wallet holding nearly 445 BTC, untouched for almost 13 years, transferred part of its holdings to the Kraken exchange earlier this week. Another wallet with about 480 BTC made its first transaction since 2012, seemingly relocating funds to a new address rather than selling outright.
These moves suggest that Bitcoin’s current price range has prompted larger investors to either adjust their strategies or prepare for further trading activity.
What’s Next for Bitcoin
As Bitcoin hovers near a crucial resistance level, the actions of whales will likely continue to influence market sentiment. Traders are closely watching on-chain data and wallet movements for signs of increased selling or buying pressure.
The return of this major whale to the market, along with other dormant wallets becoming active, could shape Bitcoin’s price trajectory in the coming weeks. While the broader crypto market remains volatile, the attention of large investors may guide short-term trends and opportunities.
Investors and analysts alike are monitoring these developments, mindful of how such moves by “smart money” can ripple through the wider market. Whether Bitcoin will break through its current ceiling or face renewed declines remains a question, but whale activity will be a key indicator to watch.
