Dormant Bitcoin Whale Reawakens, Rotates BTC into Leveraged ETH Bets

A long-dormant Bitcoin whale has reawakened after seven years, selling a portion of its holdings to fund leveraged long bets on Ethereum, a move that signals a notable shift in capital allocation within the crypto market. The investor moved roughly 670 BTC, worth about 75 million at current prices, into four wallets and used the proceeds to open Ethereum-long positions, three of which carry 10x leverage with notional exposure around 209 million. Ethereum trade activity alongside the move showed ETH near 4,296 dollars, up modestly on the day but well below its recent highs. Bitcoin hovered around 113,000 dollars, showing slight gains yet remaining below its late-week peaks. The timing places the action as market participants await remarks from major U.S. monetary policymakers, with focus on the Jackson Hole symposium and the potential for guidance on September rate decisions.

Analysts described the transaction as a strategic rotation rather than a simple reallocation. By swapping BTC for ETH to back leveraged ETH positions, the dormant holder appears to be expressing conviction in Ethereum’s growth trajectory and a belief that ETH can outperform BTC in the current cycle. This...