Long-term holder shifts funds after $4B Bitcoin-to-Ether swap
Bitcoin price is facing resistance at $116,000 as fresh whale activity raises concerns among traders. A wallet that previously offloaded nearly $4 billion worth of Bitcoin for Ether has resumed selling, according to on-chain trackers.
Whale Resumes Selling Bitcoin
On Sunday, two wallets tied to an address holding Bitcoin for more than eight years deposited 1,176 BTC (valued at $136 million) into trading platform Hyperliquid. The move comes only weeks after the same whale converted 35,991 BTC, worth over $4 billion, into Ether.
Lookonchain data highlighted that the wallet paused activity for two weeks before resuming sales. Analysts warn that such whale actions could pressure Bitcoin prices in the short term. “When long-term holders decide to move and sell, it signals potential shifts in smart money flows,” said one market strategist.
Despite the massive Bitcoin-to-Ether conversion, the ETH/BTC ratio remains under 0.05, far from its all-time peak of 0.14 in 2017. Currently at 0.0401, the ratio has gained 6% in the past month. If the whale were to convert Ether back to Bitcoin today, it would face a paper loss of about 460 BTC, or $53 million.
Bitcoin Faces Strong Resistance
Meanwhile, Bitcoin is trading flat near $115,500, testing the $116,000 resistance for the first time in three weeks. Over the last 24 hours, it has ranged between $115,000 and $116,182. The asset is still down 7% from its August high above $124,000.
The recent sales are not isolated. A 13-year-old wallet holding 445 BTC moved coins to Kraken last week, while another wallet with nearly 480 BTC became active for the first time since 2012.
These movements suggest renewed activity from long-dormant investors, underscoring the importance of monitoring whale transactions in the current market cycle.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.