A long-dormant Bitcoin whale from the Satoshi era sold 2,000 BTC worth $218 million on August 30, 2025, converting the funds directly into Ethereum.
The transaction, first reported by Crypto Rover, involved the purchase of 49,850 ETH valued at around $219 million. The whale, who still holds more than $5 billion in Bitcoin, executed the sale in smaller batches through the Hyperliquid exchange.
Analysts say the move signals confidence in Ethereum’s future, particularly as the network expands its role in decentralized finance (DeFi) and prepares for upcoming upgrades. On-chain data showed a 10% rise in Ethereum transaction volumes following the trade.
The sale briefly unsettled the market. Bitcoin’s price dropped 4% to $108,196, while Ethereum traded at $4,318. Despite the volatility, Bitcoin held support at $100,000 and Ethereum maintained its $4,000 level, with analysts suggesting ETH could climb toward $4,500.
This is not the first instance of Satoshi-era wallets shifting into Ethereum. Last week, another whale sold 670 BTC, worth $76 million, to take a leveraged position in ETH. Such moves have raised speculation that early Bitcoin holders are diversifying into Ethereum, which could influence the balance between the two largest cryptocurrencies.
The identity of the whale remains unknown, but large transfers from early Bitcoin wallets continue to draw close attention from investors and market watchers.
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