A long-dormant Bitcoin whale sells $136M, offloading 1,176 BTC worth about $136.2 million, just as Bitcoin struggles to clear the $116,000 resistance level. The sale, reported by on-chain trackers, comes after a two-week break from whale activity and has reignited fears of renewed selling pressure in the market.
Whale Linked to $4 Billion BTC-to-ETH Trade
This isn’t the whale’s first high-profile move. Earlier this year, the same investor executed one of the largest Bitcoin-to-Ethereum swaps in history—trading 35,991 BTC, then valued at $4.04 billion, for 886,371 ETH worth $4.07 billion. That transaction highlighted how large holders, or whales, can reshape market flows with single trades.
Now, the whale has returned to the spotlight with a fresh BTC sale routed through the Hyperliquid trading platform. Despite the transaction, the whale still controls about 49,634 BTC, worth an estimated $5.43 billion, spread across four addresses, according to Lookonchain data.
Whale Activity and Market Impact
The latest Bitcoin whale sale comes amid mounting chatter that whales are deliberately capping Bitcoin’s upside momentum. Earlier this month, BTC Inc CEO David Bailey claimed that two whales had effectively prevented Bitcoin from breaking above the $150,000 level—one having liquidated fully and another still offloading holdings in stages.
Adding to the pressure, multiple early Bitcoin wallets from 2011 and 2012 have suddenly reawakened. These dormant wallets have begun moving coins to exchanges, sparking speculation of more liquidations ahead. Analysts note that such whale-driven selling has contributed to Bitcoin’s inability to escape its current trading range.
Ethereum Rally Complicates Whale’s Position
While Ethereum has surged 155% since July—hitting fresh highs near $4,957—the whale’s massive ETH/BTC arbitrage position has not delivered expected gains. Due to the ETH/BTC ratio lingering under 0.05 since mid-2024, the whale’s position is down roughly 460 BTC, or about $53 million.
For context, the ETH/BTC ratio last peaked near 0.14 in 2017. It now sits close to 0.0401, underscoring the headwinds Ethereum faces in outperforming Bitcoin, despite strong price gains.
Coordinated Whale Selling Fuels Volatility
The $136M sell-off is part of a broader pattern of whale-driven volatility. In one recent instance, a whale sold 24,000 BTC—worth about $2.7 billion—over a weekend session. With liquidity thinner during off-hours, the move sent Bitcoin tumbling from $115,000 to $111,000 in a matter of hours.
Other whales are also making major moves. One early adopter shifted 400 BTC (about $45.5 million) into leveraged Ethereum longs worth $295 million, while dormant wallets from 2011–2013 have become active again. In fact, the wave of renewed activity highlights how Bitcoin whale sells $136M stories are shaping market sentiment. One address holding 445 BTC moved funds for the first time in nearly 13 years, while another address with 480 BTC awoke after sitting idle since 2012.
Technical and Institutional Headwinds
On the technical side, Bitcoin faces increasing resistance. The 50-day exponential moving average (EMA) has become a ceiling around $113,465, while the MACD indicator is flashing bearish momentum signals. Traders warn that Bitcoin may face further retracements unless whale selling slows.
Institutional flows also mirror the cooling sentiment. U.S. spot Bitcoin ETFs saw $126.64 million in net redemptions in August, breaking a six-week streak of steady inflows. In contrast, Ethereum investment products attracted nearly $4 billion in fresh capital, highlighting a shift in institutional appetite.
Whale Elimination Theory
David Bailey’s so-called “whale elimination theory” suggests that two massive holders have been strategically unloading Bitcoin to suppress prices. According to Bailey, one whale offloaded about 80,000 BTC, while another—holding 120,000 BTC—continues to liquidate and rotate into altcoins. If correct, this could explain the muted upside despite strong fundamentals and institutional adoption.
Outlook
For Bitcoin, the resurgence of whale activity creates an additional layer of uncertainty. While retail and institutional demand remain strong, concentrated selling from deep-pocketed holders can exert short-term pressure on prices.
Ethereum’s record ETF inflows underscore its rising profile, but the ETH/BTC ratio remains a critical hurdle for ETH dominance. As both assets navigate volatile conditions, the role of whales in shaping momentum has once again become a defining narrative for crypto markets.
