Main Points :
- A known Bitcoin whale continues to buy aggressively, adding 455 BTC (~$50.75 million) despite holding over $16 million in unrealized losses.
- Since July 18, the whale has purchased 2,419 BTC (~$280.87 million) at an average price of $116,104 per BTC, demonstrating unwavering conviction.
- Broader market data shows other whales are also accumulating—in particular, wallets holding 10–10,000 BTC added ~20,000 BTC post-dip, signaling confidence among large holders.
- Amid recent volatility, one ultra-OG whale has rotated billions from BTC into ETH, signaling shifting sentiment and strategic asset allocation.
- These patterns suggest that institutional-grade, long-term investors are using pullbacks as buying opportunities, contrasting sharply with speculative capitulation.
Persistent Accumulation Despite Losses
Recently, blockchain analytics firm Lookonchain revealed that a prominent Bitcoin whale—identified by its wallet starting with “bc1qgf”—has continued its accumulation strategy, even while sitting on significant unrealized losses. Over approximately the past 20 hours, the whale added 455 BTC to its holdings, valued at about $50.75 million. This brings its total post‑July 18 acquisitions to 2,419 BTC, amounting to roughly $280.87 million at an average cost of $116,104 per BTC. Despite the market’s decline, this whale is now reportedly enduring over $16 million in unrealized losses, yet remains undeterred and strategically focused on long‑term gains.
This behavior is widely recognized as “buying the dip,” a strategy that reflects faith in the asset’s longer‑term potential. In this case, the whale’s continued conviction could indicate their belief that current prices are attractive entry points—especially during a broader market contraction.
Broader Whale Accumulation Trends
The activity of this single whale isn’t an isolated case. Market intelligence from Santiment highlights that wallets holding between 10 and 10,000 BTC have collectively acquired approximately 20,000 BTC following the latest price dip. This accumulation trend among large holders suggests a rising confidence in the mid‑ to long‑term outlook for Bitcoin.
Supporting this, recent reporting indicates that over the past five months, whales in this cohort have added an astounding 225,320 BTC—worth more than $25.5 billion—to their holdings. Meanwhile, speculators and highly leveraged traders have been forced to liquidate positions, particularly as prices slipped below the $115,000 support level.
This divergence of behavior—long‑term accumulation versus short‑term capitulation—creates an interesting dynamic and may underpin future upward momentum.
Rotation from Bitcoin to Ethereum by OG Whale
A striking development involves an OG (original) Bitcoin whale—one of the earliest large holders—executing a substantial rotation of capital from Bitcoin to Ethereum. According to Lookonchain, this whale deposited approximately 22,769 BTC (around $2.59 billion) onto Hyperliquid and used the funds to purchase roughly 472,920 ETH (valued at $2.22 billion), and also opened a major long in ETH worth around $577 million. Notably, this investor closed $450 million of that ETH long at an average price of $4,735, locking in over $33 million in realized profit. Immediately afterward, an additional $108 million of ETH was acquired on the spot market. The whale remains heavily positioned in ETH, with long positions totaling over $184 million and still carrying more than $11 million in unrealized gains.
This move illustrates a strategic pivot—potentially favoring Ethereum’s immediate upside or fundamentals. Whether driven by valuation divergence, macro sentiment, or technological developments, this rotation is significant for observers tracking institutional behavior.
Market Impact and Sentiment Read-Through
These contrasting whale behaviors—speculative accumulation in BTC and bold rotation into ETH—paint a broader picture of institutional dynamics in crypto markets. On one hand, steadfast Bitcoin accumulation by whales during dips illustrates belief in its enduring value. On the other, the OG whale’s pivot signifies that some are viewing Ethereum as increasingly compelling, perhaps due to developments like scaling upgrades, fee optimizations, and DeFi growth.
Meanwhile, speculators have been squeezed. Bitcoin’s drop below $115,000 triggered liquidations on major platforms like Binance and Bybit totaling over $100 million, while overall volatility surged—rising from 15% to 38% for Bitcoin, and 41% to 70% for Ethereum.
These whale actions may prove key signals: accumulation suggests confidence and potential supply tightening, while rotation may indicate shifting sentiment and precedent for altcoin strength.
Conclusion
In summary, the recent analysis of whale behavior reveals two dominant narratives in the crypto markets:
- Unwavering accumulation in Bitcoin, even amid deep unrealized losses, by investors with long-term horizons—ignoring short-term volatility and betting on future appreciation.
- Strategic allocation into Ethereum, with one OG whale liquidating massive holdings of Bitcoin to rotate into ETH and crypto-derivative positions, seeking gains beyond just Bitcoin.
For readers exploring new crypto assets, revenue strategies, or practical blockchain uses, these developments offer key takeaways. Whale behavior can foretell market shifts—both in supply dynamics and sentiment flowing between asset classes. Tracking such activity offers insight into which assets are viewed as foundational (like Bitcoin) and which are rising in institutional favor (like Ethereum) amid evolving fundamentals.
