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A prominent Bitcoin whale, holding more than $5 billion worth of Bitcoin, has made headlines by moving part of its holdings into Ethereum (ETH). The whale recently purchased $1 billion in Ethereum through the Hyperliquid spot market, marking a significant shift in its strategy. This move is the latest in a series of high-profile trades that have seen billions of dollars rotate from Bitcoin into Ethereum.
According to Arkham Intelligence, the whale initially made waves last week by buying over $2.5 billion in Ethereum. The decision to further invest in ETH signals a growing confidence in Ethereum, especially given the increasing institutional adoption and growing Ethereum-based exchange-traded funds (ETFs).
Ethereum Whale Emerges from Bitcoin Dormancy
The Bitcoin whale, which has been relatively dormant for the past several years, began making moves earlier in 2025. After selling part of its Bitcoin holdings, it transitioned to purchasing Ethereum in a series of large-scale transactions.
The whale’s most recent purchase of $1.1 billion worth of ETH is the latest in a string of Ethereum acquisitions that total over $4.5 billion in just a few weeks.
The whale, now holding over 46,800 Bitcoins, has distributed its crypto assets across multiple addresses, as tracked by blockchain intelligence firms like Arkham. This redistribution has sparked further interest, with many crypto analysts speculating on the whale’s strategy. Some suggest that it’s not just one whale but possibly a coordinated effort involving several large holders or institutional players.
Institutional Involvement Drives Ethereum’s Growth
In addition to individual whales, institutional interest in Ethereum has surged. U.S. spot Ether ETFs have recorded over $4 billion in net inflows this month, underscoring the growing demand for Ethereum from institutional investors. This rise in institutional buying is helping to tighten Ethereum’s supply, as companies like Bitmine and Sharplink continue to increase their holdings.
Bitmine, which holds the largest Ethereum treasury, recently added 190,500 ETH to its stash, bringing its total holdings to 1.7 million ETH, valued at around $7.7 billion.
These institutional players are buying Ethereum at a time when the network’s issuance is slowing, contributing to a tightening market. In fact, for every 1 ETH that the Ethereum network issues, institutions are locking up 35.77 ETH, further driving the supply shortage.
The Ripple Effect on ETH Price
As Ethereum treasuries and institutional buyers continue to accumulate Ethereum, the price of ETH has surged. Over the past month, Ethereum has gained 14%, while Bitcoin has seen a slight decline of 8%.
This shift in market sentiment reflects a broader trend of institutional capital flowing into Ethereum, driven by the increased functionality of the Ethereum network, including advancements in decentralized finance (DeFi) and Ethereum 2.0 upgrades.
The growing adoption of Ethereum ETFs is another factor that has contributed to this trend. With these ETFs seeing increasing inflows, the demand for Ethereum in both spot markets and financial products has continued to grow. Ethereum’s increasing scarcity, combined with rising demand, has led to its price reaching new heights, signaling a strong bullish trend for the token in the short to medium term.
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