CMC News

$BTC Whale Resumes Selling After $4B $ETH Swap

A prominent $BTC holder has resumed large-scale selling activity after a temporary pause following a $4 billion $ETH conversion last month. The whale deposited 1,176 $BTC worth over $136 million to the Hyperliquid trading platform on Sunday.

The same wallet previously exchanged nearly 36,000 $BTC for #Ethereum during late August trading sessions. This massive swap represented over $4 billion in value at the time of execution.

#Blockchain analysts tracking the address noted its eight-year holding period before recent activity began. Whale movements often signal potential market direction changes among professional traders.

$BTC currently faces resistance at the $116,000 level after reaching this price point for the first time in three weeks. The cryptocurrency traded flat over 24 hours at $115,500 with limited upward momentum.

Recent whale activity extends beyond this particular address as multiple long-dormant wallets became active. A wallet holding 445 $BTC that remained inactive for nearly 13 years transferred funds to the Kraken exchange on Thursday.

The #Bitcoin holder would face approximately $53 million in losses if converting current $ETH holdings back to Bitcoin. The #Ethereum to $BTC ratio has remained relatively stable since the original swap occurred.

Market participants closely monitor whale movements as indicators of institutional sentiment shifts. These large-scale transactions can create significant price pressure when executed on open markets during #Bitcoin consolidation periods.