Early Bitcoin Whale Converts $689M into Ethereum

A prominent early Bitcoin investor has made headlines after converting 6,000 BTC — worth around $689.5 million — into Ethereum, according to blockchain data provider Lookonchain. The address now holds over 278,000 ETH valued at approximately $1.28 billion, purchased at an average price of $4,585 per ETH.

In addition to the swap, the whale maintains a long position worth $581 million on Ethereum, suggesting a strong belief in ETH’s future. This is one of the largest BTC-to-ETH reallocations seen in 2025 and is interpreted as a strategic move amid shifting market dynamics.

While Bitcoin hovers near key support zones, Ethereum continues to see increasing adoption and institutional interest. Early Bitcoin adopters, having entered at much lower price points, are now diversifying their portfolios into Ethereum without incurring losses, indicating a macro-level repositioning rather than short-term speculation.