Bitcoin Whale Grows Ethereum Holdings to $3.7 Billion After Large BTC Swap

Highlights:

• Bitcoin OG whale converts $11.4 billion BTC holdings into 837,429 ETH, now worth $3.7 billion.
• Institutional Ethereum demand rises sharply, while Bitcoin interest slows, shifting profits into ETH.
• Bitcoin struggles near $108,000 amid whale activity, weak ETFs, and market uncertainty.

A Bitcoin whale that started moving its $11.4 billion Bitcoin holdings into Ethereum in August now holds 837,429 ETH, worth roughly $3.7 billion, according to on-chain data from Lookonchain. In its most recent transaction, the Bitcoin whale sold 4,000 BTC, valued at $435 million, and acquired 96,859 ETH, Lookonchain reported Sunday. On Monday, the whale deposited an additional 1,000 BTC into the decentralized exchange Hyperliquid, likely preparing for further Ether purchases.

The investor’s recent actions continue a series of Bitcoin-to-Ethereum shifts that started after the dormant wallets were reactivated. The blockchain analytics service first identified the whale on August 25, noting total holdings of 100,784 BTC, valued at more than $11.4 billion at current prices. 

This Bitcoin OG has sold 4,000 $BTC($435M) and bought 96,859 $ETH ($433M) spot over the past 12 hours.

In total, he has bought 837,429 $ETH($3.85B).https://t.co/RAEzClsCvr pic.twitter.com/ZUSDL1cIRm

— Lookonchain (@lookonchain) August 31, 2025

The latest transaction took place amid heightened market volatility. Bitcoin fell to $107,700 Sunday evening before slightly rebounding above $109,000, according to CoinMarketCap. ETH, though affected by broader crypto market trends, has outperformed Bitcoin this month. The second-largest cryptocurrency is trading around $4,473 at press time, up nearly 28% over the past 30 days. Analyst Ali notes that for Ethereum bulls to maintain strength, the price needs to remain above $4,500. If it sustains this level, it would signal continued upward momentum and set the stage for higher targets in the coming weeks.

Ethereum $ETH must clear $4,500 to flip the trend bullish again! pic.twitter.com/IWf0QxYDYg

— Ali (@ali_charts) August 31, 2025

Market analyst Crypto Patel adds that if ETH surpasses the $5,000 resistance, it could rally toward $10,000.

#ETHEREUM Roadmap to $10K 🚀$ETH isn’t done yet.

▶️ HTF structure = bullish
▶️ Demand zones perfectly holding
▶️ Liquidity above $5K acting like a magnet

Once ETH clears $5K and confirms it as support, momentum could accelerate toward $10,000 in this cycle.@ethereum pic.twitter.com/TNM8dzSFio

— Crypto Patel (@CryptoPatel) August 31, 2025

Bitcoin Faces Pressure

Bitcoin struggles to stay above $109,000, showing no clear signs of recovery. Traders remain cautious because Wall Street is closed Monday for Labor Day, and a whale may sell another billion-dollar BTC tranche. Big transfers and sales from long-dormant whale wallets, along with conversions into Ether, are increasing market pressure. Weak inflows to spot BTC ETFs and end-of-week losses in the Dow, S&P 500, and Nasdaq are weighing on sentiment. Additional pressure comes from President Trump’s shifting statements on tariffs and his efforts to influence the Federal Reserve board.

Ethereum Demand Surges as Institutions Shift Funds from Bitcoin

Institutional demand for Ethereum has grown a lot in recent weeks. This is shown by a big drop in Ether reserves on crypto exchanges. At the same time, data shows institutional interest in Bitcoin has fallen over the past few weeks. Many investors are moving their profits into the Ethereum market.

BlackRock’s ETHA bought about $968.2 million worth of Ether last week. It led to U.S. spot Ethereum ETFs in purchases during August. Data from SoSoValue shows U.S. spot ETH ETFs had a net inflow of $3.87 billion in August. Since April, these ETFs have accumulated over $11 billion in total cash inflows through the end of August 2025. Eleven U.S. companies hold 3,041,192 Ethereum for treasury management, led by BitMine and SharpLink. Institutional BTC buying has slowed, with U.S. spot BTC ETFs showing a $751 million net outflow.