$11B Bitcoin Whale Returns With $360M Transfer After Two-Month Hiatus

A long-dormant Bitcoin whale holding roughly $11 billion in BTC has resurfaced, moving $360 million worth of coins into the market this week.

Blockchain data from Arkham Intelligence shows the transaction landed in decentralized finance protocol Hyperunit’s hot wallet on Tuesday, the whale’s first move in two months.

This is the same address, that previously rotated more than $5 billion of its Bitcoin holdings into Ether in August, a shift that placed the entity among the largest ETH holders globally, surpassing even corporate treasuries such as Sharplink.

Renewed movement in deep-pocket addresses

The $360 million transfer has revived speculation that another Bitcoin-to-Ether rotation may be underway. While the destination wallet belongs to a DeFi protocol rather than an exchange, on-chain analysts note that similar routing preceded the whale’s last conversion cycle.

As of Wednesday, the address still holds more than $5 billion worth of Bitcoin. That remaining balance suggests additional transactions could follow if the whale continues its diversification pattern.

Previous rotation triggered wider activity

The whale’s August repositioning set off a brief wave of large ETH purchases among other major investors. There was a reporting cited nine high-value addresses acquiring a combined $456 million in Ether shortly after the move, indicating coordinated or sentiment-driven behavior in the upper tiers of the market.

That earlier rotation involved $2.59 billion in Bitcoin sold for $2.2 billion in spot Ether, alongside a $577 million Ether perpetual long position. The maneuver effectively converted a significant portion of the whale’s seven-year BTC holdings into exposure to Ethereum’s ecosystem, a notable change given the address had remained inactive for years prior.

Dormant bitcoin holders show parallel activity

Alongside the whale’s return, other long-term holders have also begun moving old coins.

Data shared by CryptoQuant analyst Maartunn this week shows investors who had held Bitcoin for three to five years transferred roughly 32,300 BTC, around $3.9 billion, to exchanges, marking their largest cumulative shift of 2025 so far.

“This is the largest 3y - 5y Bitcoin movement of 2025 so far."
Maartunn added

Such movements often draw attention because long-dormant supply re-entering circulation can affect liquidity and short-term price behavior.

Analyst Willy Woo noted in August that early adopters who accumulated Bitcoin below $10 now control a concentrated portion of total supply, and their selling pace influences how much new capital must enter the market to sustain price appreciation.

Bitcoin’s broader positioning in current cycle

Despite renewed whale transfers, sentiment around Bitcoin remains firm. Bitget chief analyst Ryan Lee commented that investors are continuing to view BTC as a hedge against rising federal debt and uncertainty surrounding the ongoing U.S. government funding debate.

“In this environment, capital is gravitating toward scarce, non-sovereign assets that preserve value over time,” Lee said, describing Bitcoin’s limited supply and divisibility as the traits keeping it relevant as a store of value.

Market data also shows Bitcoin regaining dominance after a brief two-month stretch in which Ether and select altcoins outperformed.

According to Matrixport’s latest outlook, BTC’s share of overall crypto capitalization has started climbing again, suggesting investors are rotating back toward the asset viewed as the cycle’s anchor. The firm noted that, while “altcoin season” has been a recurring theme on social media, this rally remains selective rather than broadly distributed.

“Over the past two months, Bitcoin dominance temporarily declined as ETH and select alts outperformed, but that trend is now reversing – signaling thsat Bitcoin is once again reclaiming leadership in this cycle,” the company wrote Wednesday on X.

On-chain behavior signals a cautious phase

For now, the whale’s renewed activity adds a layer of complexity to a market already balancing profit-taking and accumulation. Transfers into DeFi wallets, rather than exchanges, may imply liquidity positioning rather than outright liquidation, but blockchain observers remain watchful for follow-through moves that could influence short-term sentiment.

The next few weeks are expected to test whether this transfer represents a prelude to another large-scale rotation into Ether or a simple portfolio reshuffle within decentralized finance.

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