A Bitcoin “whale” made a large swap: selling 35,991 BTC to buy 886,371 ETH, but still holding a large position with the remaining 49,634 BTC .
The transaction was reported on 01/09/2025 18:35:21 (Vietnam time) on Hyperliquid exchange, the swap ratio is around 0.0406, showing a diversification strategy between Bitcoin and Ethereum.
- Whales sold 35,991 BTC ($4.04 billion) to buy 886,371 ETH ($4.07 billion).
- After the transaction, the whale still holds 49,634 BTC , worth about $5.43 billion, distributed across four wallets.
- The move reflects portfolio diversification and could impact ETH 's short-term liquidation and BTC circulating supply.
Transaction details
The whale sold 35,991 BTC and bought 886,371 ETH on Hyperliquid, with a swap rate of around 0.0406, according to Lookonchain’s report.
The transaction value is approximately $4.04 billion for BTC and $4.07 billion for ETH; the transaction took place on August 20 but was aggregated and reported in early September 2025.
A long-standing Bitcoin whale has made a large move since August 20, selling 35,991 BTC worth $4.04 billion and buying 886,371 ETH worth $4.07 billion on Hyperliquid at a rate of 0.0406.
Lookonchain, on-chain tracker, 2025
Implications for Bitcoin and Ethereum
The transaction shows a diversification trend: reducing some exposure to Bitcoin to increase ETH holdings, which could increase short-term ETH buying power.
For Bitcoin, large transfers could reduce selling pressure if they are moved into long-term assets; for Ethereum, large purchases could impact liquidation and short-term price volatility.
Current status of whales
After the transaction, the whale still held 49,634 BTC, estimated at $5.43 billion, distributed across four different wallets.
Holding a large amount of BTC shows that the goal is not to leave Bitcoin completely, but to balance holdings and diversify with ETH.
Risks and precautions
Large trades can cause short-term volatility; investors need to monitor liquidation, market orders and market reaction.
The whale's ultimate goal (trading, Staking, or hedging) is unknown; therefore, one should not over-speculate based on a single trade.
Frequently Asked Questions
When did this transaction occur?
The transaction was recorded on 08/20/2025 and reported on 09/01/2025, the reporting time is 18:35:21 (Vietnam Time).
How much BTC does the whale still hold after the transaction?
The whale still holds 49,634 BTC, estimated at $5.43 billion, distributed across four different wallets.
How does this move affect ETH and BTC prices?
Large ETH purchases could increase short-term buying pressure and liquidation for ETH; impact on BTC depends on whether the selloff continues.
What to look out for when tracking whale transactions?
Don't XEM at a single trade as the only signal to act; combine on-chain analysis, liquidation , and market context before deciding.
