OG Whale Deposits 1.176 BTC to Hyperliquid After Billion-Dollar Swap
- Whale moves 1.176 BTC, valued at US$136 million
- $4 billion BTC to ETH rotation
- Legacy Bitcoin Wallet Activity Grows in 2025
The so-called OG whale, which recently completed one of the largest asset rotations ever seen between Bitcoin and Ethereum, has resumed moving its funds after a two-week hiatus. According to onchain data from Lookonchain, two wallets linked to the investor deposited approximately 1.176 BTC, equivalent to US$136,2 million, into the decentralized exchange Hyperliquid over the weekend.
After a two-week break, the #BitcoinOG who exchanged 35,991 $ BTC ($4.04B) for 886,371 $ ETH ($4.07B) is back for sale $ BTC !
2 wallets linked to this #BitcoinOG have deposited 1,176 $ BTC ($136.2M) to Hyperliquid in the past 2 hours and started dumping.
— Lookonchain (@lookonchain) September 14, 2025
Arkham's records confirm two significant transactions: one for 551,7 BTC ($60,1 million) and another for 625 BTC ($72,4 million). Analysts claim that, based on these deposits, the whale began to "dump" part of its holdings on the exchange.
Between August 20 and September 1, this same entity had already exchanged 35.991 BTC ($4,04 billion) for 886.371 ETH ($4,07 billion), after reemerging from a seven-year period of inactivity. Even after these transactions, Lookonchain estimates that the whale still holds 49.634 BTC, valued at $5,4 billion, distributed across four wallets.
Since Aug 20, the Bitcoin OG has sold 35,991 $ BTC ($4.04B) and bought 886,371 $ ETH ($4.07B) at a 0.0406 rate on #Hyperliquid .
He still holds 49,634 $ BTC ($5.43B) in 4 wallets.
— Lookonchain (@lookonchain) September 1, 2025
The move drew attention because it coincided with spot cryptocurrency ETF flow data. In August, Bitcoin ETFs recorded net outflows of over $750 million, while Ethereum ETFs saw inflows exceeding $3,9 billion.
ETH's performance against BTC also reinforces this trend. After halving against Bitcoin in early 2025, reaching a low of 0,018, the token has appreciated 117% since April, supported by market shifts following President Donald Trump's tariff announcements on Liberation Day. Currently, the ETH/BTC ratio is at 0,039, down from its August peak of 0,043, but still up 8,3% since the whale rotation began.
Activity in legacy Bitcoin wallets has been increasing in parallel. In July, Galaxy Digital brokered the sale of over 80.000 BTC, valued at $9 billion, to a Satoshi-era investor. More recently, addresses inactive for over a decade, holding between 445 and 479 BTC each, have also started to move again, signaling greater mobilization of OG whales in 2025.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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