Bitcoin News Today: Whale Sells $5 Billion BTC in Stealth ETH Swap

Bitcoin Whale Influences Market Volatility

Significant movements in the cryptocurrency market have been driven by large Bitcoin holders, or "whales," in recent weeks. One whale, believed to hold $5 billion in Bitcoin, has begun transferring large amounts of BTC to Hyperliquid’s exchange, where it is systematically selling Bitcoin for Ethereum (ETH). According to on-chain analytics from Arkham Intelligence, this whale first deposited 2,000 Bitcoin—valued at over $216 million—into Hyperliquid and sold it in small batches for ETH until it was fully converted. The whale repeated the process with another 1,000 BTC, ultimately transferring more than 42,750 ETH from the account after the trade was completed.

This whale has been active in recent weeks, having previously moved $1.1 billion of BTC to a new wallet to begin accumulating Ethereum. Notably, the same entity purchased $2.5 billion worth of ETH last week and has shown no sign of slowing down. Arkham reported that this whale has been using Hyperunit, a platform enabling deposits and trades of native tokens like Bitcoin and Ethereum, to facilitate these transactions.

The influence of whale activity is not limited to this single address. Another whale recently sold 24,000 BTC—worth $2.7 billion—over the weekend, triggering a flash crash that caused Bitcoin’s price to drop nearly $4,000 in minutes. The whale still holds over 152,874 BTC, valued at more than $17 billion, and has continued to sell in large batches on Hyperunite. Analyst Sani, founder of the Timechain Index, noted that the coins sold had been dormant for over five years, suggesting a strategic, long-term sell-off.

Such large-scale sell-offs from whales have had a direct impact on Bitcoin’s price trajectory. On August 24, another whale deposited at least $800 million worth of BTC to Hyperunit, and more recently, a Bitcoin OG—someone who acquired BTC in the early days—moved $8 billion worth of old BTC in a historic transaction. That same whale later sold more than $9 billion of BTC through Galaxy Digital.

Bitcoin’s price has remained volatile amid this activity, trading around $108,196 as of Friday. Ethereum, while less impacted by direct whale sales, has seen significant capital rotation from Bitcoin to ETH. A separate whale sold 18,142 BTC worth $2.04 billion and converted the majority into Ethereum, with 275,500 ETH—worth $1.3 billion—subsequently staked. This trend of moving BTC into ETH is seen as a sign of growing confidence in Ethereum’s fundamentals, including its role in decentralized finance and institutional adoption.

Bitcoin’s current market position is being closely analyzed through metrics like the cycle and volatility-adjusted MVRV (Market Value to Realized Value), which currently stands at 39%. This reading, according to analyst Axel Adler, indicates a neutral risk/reward zone, neither signaling euphoria nor full capitulation. The metric suggests that while Bitcoin is not overextended, the market is still searching for direction and is vulnerable to liquidity shifts. Adler notes that the coming weeks will be critical in determining whether Bitcoin stabilizes and continues its upward trajectory or enters a deeper correction.

The continued selling pressure from whales has also triggered broader market reactions. On Sunday, Bitcoin fell to a low of around $110,500 following the 24,000 BTC sale. While some analysts see this as a healthy correction—given the limited supply held by whales—others warn that sustained bearish momentum could push BTC below key support levels such as $105,000. The path to recovery, according to experts like Alex Krüger and Vijay Boyapati, may depend on the market clearing short-term selling pressure and regaining control above $113,500.

Ethereum, meanwhile, has shown relative strength against Bitcoin, with the ETH/BTC pair trading at 0.0402 after a sharp rally through the summer. The upward trend has broken out of a long-standing downtrend against BTC, signaling a potential shift in market sentiment. If Ethereum can continue gaining ground relative to Bitcoin, it could further accelerate capital rotation and contribute to broader market stability.

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