Crypto Whale Dumps $3B Bitcoin to Pile Into Ethereum—Here’s Why This Mega-Swap Shakes the Market

Whale triggers seismic shift with $3 billion Bitcoin-to-Ethereum swap—betting big on the flippening.

Behind the Move

No slow bleed here—this whale just slashed its Bitcoin exposure in one decisive strike. That $3 billion offload? One of the largest single-position shifts this cycle. Meanwhile, Ethereum bags get heavier by the second.

Strategy or Gamble?

Forget diversification—this looks like a conviction play. Ethereum’s ecosystem—DeFi, staking yields, layer-2 scaling—pulled focus from Bitcoin’s store-of-value narrative. Smart money isn’t just hedging; it’s repositioning.

Market Ripples

Traders scrambled as the move hit tapes. Bitcoin liquidity? Tested instantly. Ethereum’s order books swallowed the demand—mostly without major slippage. Shows how deep these markets run now… or how well the whale worked the algos.

Because nothing says ‘high conviction’ like a nine-figure bet that’ll either look genius or fuel a very expensive ‘what was I thinking’ memoir someday.

A prominent Bitcoin ($BTC) whale has recently carried out notable sell-offs to purchase ethereum ($ETH). In this respect, Bitcoin OG has reportedly shifted $3B from Bitcoin ($BTC) to Ethereum ($ETH), sparking significant speculation across the crypto community. As Lookonchain, a popular on-chain analytics provider, revealed on X, the Bitcoin whale’s massive $BTC-to-$ETH swaps, often down through Hyperliquid, indicate a consistent trading strategy. However, such big amounts have triggered market-wide concerns about the potential consequences of these swaps.

This Bitcoin OG deposited another 2,000 $BTC($217M) into #Hyperliquid in the past hour, selling it and buying $ETH spot.https://t.co/aHBeM2zTlk pic.twitter.com/0NvUwjrl79

Bitcoin OG Buys $3B in $ETH Amid Aggressive $BTC Sell-Offs

The on-chain data discloses that Bitcoin OG has sold over 3,968 $BTC to buy 691,358 $ETH (nearly $3B). In this respect, a couple of major deposits made by the Bitcoin whale over the past hour have totaled more than $217M in $BTC. Particularly, one of them involved 1K $BTC (almost $108.63M) while the other included $108.89M. The respective transfers underscore the aggressive inclination of the whale toward Ethereum ($ETH).

Apart from that, the entries in the data also discloses several $ETH and $BTC movements between analogous wallets. The values of these transactions reportedly range between multiple millions of dollars. Even before this, bitcoin OG has also been executing $BTC-to-$ETH swaps. Hence, on the 26th of August, the Bitcoin whale offloaded 1,000 $BTC  with $109,684 as its average price. Subsequently, the whale opened a long position of 96,452 $ETH (accounting for $433M), with a 5x leverage.

Whale Intensifies Ethereum Strategy, Highlighting Huge Conviction

According to Lookonchain, on August 27, the whale again deposited 1,000 $BTC ($108.27M) for $ETH. After that, on August 28, the whale sold 2,000 $BTC ($217M), acquiring 49,850 $ETH (almost $219M). Keeping this in view, these large swaps indicate a calculated $ETH strategy to leverage its short-term upside. Nevertheless, whether this conviction results in noteworthy profits remains to be seen.