8-Year Bitcoin Investor Sells Additional $136M After Significant $4B ETH Transaction – Are Whales Selling Once More?

An eight-year Bitcoin holder has resumed selling after a two-week hiatus, transferring 1,176 BTC valued at $136.2 million to the Hyperliquid trading platform as Bitcoin approached resistance levels of $116,000.

The whale had previously conducted one of the largest Bitcoin-to-Ethereum swaps in cryptocurrency history, exchanging 35,991 BTC worth $4.04 billion for 886,371 ETH valued at $4.07 billion.

Since August 20, the Bitcoin OG has sold 35,991 $BTC($4.04B) and acquired 886,371 $ETH($4.07B) at a rate of 0.0406 on #Hyperliquid.
He continues to hold 49,634 $BTC($5.43B) across four wallets. pic.twitter.com/ns7T1zMtAO

— Lookonchain (@lookonchain) September 1, 2025

This renewed selling activity coincides with claims from BTC Inc CEO David Bailey earlier this month that two significant whales have hindered the cryptocurrency from reaching $150,000, with one whale eliminated and another undergoing liquidations.

Several dormant Bitcoin addresses from 2011-2012 have recently become active, generating selling pressure that has contributed to Bitcoin’s difficulty in sustaining momentum above previous highs.

The whale’s ETH-BTC arbitrage position is currently facing losses of around 460 BTC worth $53 million if reversed, as the ETH/BTC ratio has remained below 0.05 since July 2024.

Despite Ethereum’s 155% surge since July and new all-time highs near $4,957, the ratio peaked at 0.14 in 2017 and currently hovers around 0.0401 – 0.0403.

Source: CoinMarketCap

Mystery Whales are Executing Strategic Portfolio Rotations – But Why?

The Bitcoin OG’s selling approach involves systematic liquidations across various wallets while retaining significant reserves.

Data from Lookonchain indicates that the whale still possesses 49,634 BTC worth $5.43 billion distributed among four distinct addresses following the recent $136 million deposit.

After a two-week pause, the #BitcoinOG who swapped 35,991 $BTC($4.04B) for 886,371 $ETH($4.07B) has resumed selling $BTC!
Two wallets associated with this #BitcoinOG have deposited 1,176 $BTC($136.2M) to Hyperliquid in the last two hours and have begun offloading.https://t.co/LTiJHW049j pic.twitter.com/L0m2bEG1J7

— Lookonchain (@lookonchain) September 14, 2025

Previous whale activities have demonstrated advanced market timing, with one holder liquidating 24,000 BTC worth $2.7 billion in coordinated trades that caused Bitcoin to drop from $115,000 to $111,000 within a few hours.

This abrupt liquidation took place during weekend trading, when lower volumes amplify the price effects of large transactions.

Another early adopter rotated 400 BTC in August, valued at approximately $45.5 million, into leveraged Ethereum positions using 3x and 10x leverage across four wallets.

The whale established combined long positions totaling 68,130 ETH worth $295 million, transferring funds back to the Ethereum mainnet after conducting spot market swaps.

Activations of dormant wallets increased throughout September, with addresses inactive since 2011-2013 moving Bitcoin to exchanges, including Kraken.

One wallet holding 445 BTC executed its first transaction in nearly 13 years, while another containing 480 BTC transferred funds for the first time since 2012.

David Bailey’s theory regarding whale elimination suggests coordinated selling at specific price points, with “one for 80k bitcoin and the other for 120k bitcoin.”

Market analysis indicates that the first whale completed significant liquidations while the second continues to rotate large positions into altcoins.

@DavidFBailey states Bitcoin must eliminate two major whales before reaching $150K as mystery holders offload billions.#Bitcoin #Whaleshttps://t.co/bmtfWK4EUZ

— Cryptonews.com (@cryptonews) September 2, 2025

Technical Breakdown Indicates Deeper Correction Risks

Bitcoin is encountering increasing technical challenges as whale selling aligns with bearish momentum indicators across various timeframes.

The 50-day exponential moving average at 113,465 now serves as resistance, while MACD signals have turned negative with bearish crossovers confirming trend deterioration.

Source: TradingView

September witnessed US spot Bitcoin ETFs record their first weekly outflows since June, with $126.64 million in net redemptions during August compared to $6 billion inflows in July.

This reversal concluded a six-week period of consistent institutional accumulation as momentum shifted towards Ethereum products.

Ethereum ETFs significantly outperformed Bitcoin funds, drawing nearly $4 billion in August inflows while Bitcoin products experienced $622.5 million in net outflows.

September has historically been Bitcoin’s weakest month, yielding average losses of 3.77% during bull market years and earning the nickname “Rektember” among traders.

Bitcoin concluded August at $109,000, reflecting a 6% monthly decline despite achieving all-time highs above $124,000 earlier in the cycle.

So far, after climbing from $111,000 last week to above $115,000, Bitcoin has struggled to surpass the $116,000 resistance, and this whale activity may further negatively influence sentiment.

According to the latest Bitfinex Alpha, Bitcoin is currently holding steady between $108,000 and $112,000, with buyers actively defending critical support zones while addressing the gap created by July’s sharp rally.

However, the exchange has acknowledged that the risk of a deeper correction persists, and consolidation appears to be the more probable outcome. September has historically marked a cyclical low for Bitcoin, setting the stage for a stronger Q4 performance.

Amid these developments, institutional accumulation continues despite retail liquidations, as corporate Bitcoin holdings have surged above $200 billion across 190 entities.

In fact, according to a report from Cryptonews covered earlier this month, businesses across major sectors have acquired 1,755 Bitcoin daily (worth $195.2 million), contributing over $1.3 trillion to Bitcoin’s market cap over the past 20 months.

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