One of the earliest and wealthiest Bitcoin holders has made a bold move, rotating a massive portion of his holdings from BTC into Ethereum.
The whale reportedly sold another 4,000 BTC valued at roughly $460 million, lifting his total Ethereum exposure to more than $806 million.
On-chain data tracked by Lookonchain shows the investor now controls 179,448 ETH, with an average purchase price of $4,490. His portfolio includes both spot and leveraged long positions, the latter accounting for about 135,265 ETH worth $581 million. Unrealized gains across these bets are now exceeding $100 million.
The latest action came just hours ago, when the whale sent 300 BTC (around $34.9 million) to Hyperliquid before flipping it into ETH. That move added to an already large spot stash of 122,226 ETH purchased at an average price of $4,377, which is currently up more than $42 million in paper profits.
This major pivot is fueling speculation that whales are preparing for Ethereum to outperform Bitcoin in the near term. With institutional appetite for ETH growing and ETF approvals still pending in several jurisdictions, the shift is being read as a sign of confidence ahead of potential catalysts.
The whale’s strategy isn’t happening in isolation. Matrixport-linked wallets recently funneled 95,873 ETH worth $452 million into Binance and OKX, while simultaneously withdrawing over 2,300 BTC. The overlapping moves suggest that large players may be realigning portfolios in anticipation of an altcoin cycle.
Whether this marks the early stages of a broader rotation into ETH and other top altcoins remains to be seen, but the scale of these reallocations is already sending ripples across the market.
