Key TakeawaysA Bitcoin whale controlling $11 billion in BTC has transferred $360 million worth of Bitcoin to DeFi protocol Hyperunit — its first move in two months.The whale previously rotated $5 billion of Bitcoin into Ether (ETH), signaling potential renewed rotation into Ethereum.Dormant Bitcoin holders also transferred 32,300 BTC ($3.9B) this week — the largest such move in 2025.Analysts warn of short-term selling pressure, though Bitcoin dominance appears to be regaining strength.Whale Returns With $360M Bitcoin TransferAn $11 billion Bitcoin whale — one of the market’s largest individual holders — has resurfaced after a two-month pause, transferring $360 million in BTC to Hyperunit’s “bc1pd” hot wallet, blockchain data from Arkham Intelligence shows.The address last made headlines in August, when it converted roughly $5 billion worth of Bitcoin into Ether, becoming one of the largest Ethereum treasury holders overnight. At the time, the entity briefly surpassed SharpLink Gaming — the second-largest corporate ETH holder — in total Ether exposure.According to Arkham data, the whale still holds about $5 billion in Bitcoin, suggesting further potential selling pressure if a new round of BTC-to-ETH rotation occurs.Ethereum Rotation Could ResumeThe whale’s reactivation has sparked speculation of another rotation toward Ethereum (ETH), mirroring its previous August 21 transaction, which saw $2.59 billion BTC exchanged for $2.2 billion spot ETH and a $577 million Ether perpetual long position.That move triggered a wave of similar trades, with nine other “mega whales” collectively acquiring $456 million worth of ETH within a single day.Dormant Bitcoin Whales Move $3.9BOn-chain data also shows renewed activity among long-term holders. CryptoQuant analyst Maartunn reported that Bitcoin wallets dormant for three to five years transferred a total of 32,300 BTC ($3.93 billion) to exchanges — their largest cumulative move of the year.According to Willy Woo, this cohort of “OG whales,” who accumulated Bitcoin below $10, continues to influence market supply and capital inflows:“Their cost basis and rate of selling profoundly affect how much new capital is needed to lift price,” Woo said.Bitcoin Reclaims Market LeadershipDespite whale-driven uncertainty, Matrixport analysts said Bitcoin dominance is recovering after a brief altcoin-led rally earlier this quarter.“Over the past two months, ETH and select altcoins outperformed, but that trend is now reversing — Bitcoin is once again reclaiming leadership in this cycle,” Matrixport wrote.Bitget’s chief analyst Ryan Lee added that investors are still drawn to Bitcoin’s scarcity and store-of-value properties, especially amid rising U.S. debt and the government shutdown:“Capital is gravitating toward scarce, non-sovereign assets that preserve value over time,” Lee said.With both whale rotations and long-dormant holders reentering the market, analysts expect short-term volatility but maintain a bullish long-term view.As institutional inflows persist and macro pressures mount, Bitcoin’s “digital gold” narrative appears to be solidifying — even as Ethereum continues to attract whales looking for yield and diversification.
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