On August 22, blockchain analytics firm Lookonchain flagged the whale wallet after it accumulated Ethereum through both spot purchases and leveraged positions. The wallet — which received over 100,000 BTC nearly seven years ago — snapped up 62,914 ETH worth $270 million in spot markets and opened a $580 million derivatives long equivalent to 135,265 ETH.

The move was reinforced the next day, when the whale sent 300 BTC to derivatives platform Hyperliquid, suggesting a calculated strategy to expand Ethereum exposure rather than a one-off shift.

At current prices, the spot buy has already added about $42 million in paper gains, while the derivatives bet is up roughly $58 million, leaving the whale more than $100 million ahead on the trade.

Ethereum Gains Market Share From Bitcoin

The pivot comes as Ethereum draws a growing share of liquidity across exchanges. According to CEX.io, ETH captured 32% of spot trading volume on major platforms in August — its highest share since 2017. Retail traders drove much of the activity with smaller orders, while institutions followed with larger inflows.

Capital flow data also shows a stark contrast: Ethereum’s net positions grew 23% in August, while Bitcoin’s dropped 43%. Analysts say the trend underscores a rotation of confidence toward ETH as traders diversify exposure.

Against this backdrop, Ethereum surged to a new all-time high after Federal Reserve Chair Jerome Powell signaled a likely September rate cut, boosting risk appetite across crypto markets.

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Filed under: Bitcoin - @ August 24, 2025 8:00 am