A Bitcoin whale with holdings of $5 billion is converting a significant portion of their Bitcoin into Ethereum. On August 29, 2025, the whale exchanged $216 million worth of BTC, depositing 2,000 BTC on Hyperliquid and selling it in small increments for ETH. The holder's transactions, monitored through the network block explorer Hypurrscan, began with transferring 1,000 BTC worth around $108 million followed by systematic sales converting Bitcoin to Ethereum. This whale has previously purchased $2.5 billion of ETH. On-chain analytics firm Arkham Intelligence confirmed the whale is connected to addresses holding substantial Bitcoin amounts. Bitcoin whales are increasingly active lately, paralleling Ethereum’s rise to new highs, with Bitcoin and Ethereum trading approximately 4% lower on that day. This trend reflects a broader movement among large holders in the cryptocurrency sphere, reminiscent of previous large-scale asset reallocations.

Source 🔗