Legendary Bitcoin whale shifts $3.8B into Ethereum

A major move over the weekend from a legendary Bitcoin whale is shaking up the crypto space. Known for holding over $11.4 billion in BTC, this “OG” investor has now accumulated $3.8 billion in Ethereum, making them one of the largest ETH holders on the planet.

On-chain data shows that 4,000 BTC were sold in just 12 hours in exchange for 96,859 ETH, valued at around $435 million. In addition, the whale sent another 1,000 BTC to decentralized exchange Hyperliquid, indicating that further ETH accumulation might be on the way.

Meanwhile, nine other whales bought a combined $456.8 million in ETH, adding to the buying pressure.

Whale transaction volume surged in August as Ethereum passed the $4,300 level. Futures open interest soared to $70 billion, highlighting how both spot and derivatives markets are aligning behind ETH.

At press time, Ethereum trades around $4,390, showing sideways movement. While short-term momentum appears neutral, heavy whale activity suggests the market may be consolidating before its next big move.

Ethereum’s position is solid: with strong institutional backing and sustained whale interest, a bullish breakout could be near.