Bitcoin OG Dumps BTC for $806M in Ethereum Amid Altcoin Season Optimism

A major Bitcoin OG has shifted billions in crypto allocations, moving thousands of BTC into Ethereum. The whale sold another 4,000 BTC worth $460 million, bringing total Ethereum purchases to $806 million. With a long position still active and massive unrealized profits, the move is fueling speculation that a new altcoin season may be underway.

Bitcoin OG Sells BTC For ETH

The whale has steadily increased exposure to Ethereum over recent weeks. According to an X post by Lookonchain, he now holds 179,448 ETH worth about $806 million, acquired at an average price of $4,490. The position includes 135,265 ETH in long contracts valued at $581 million, with $58 million in unrealized profits.

Just an hour ago, the Bitcoin OG deposited another 300 BTC, worth $34.86 million, into Hyperliquid. He then converted it into ETH, signaling continued conviction in the trade. Spot holdings now include 122,226 ETH bought at an average of $4,377. These are up $42 million in unrealized profits, adding to the gains from long positions.

In total, the whale’s Ethereum bet is more than $100 million in profit. This marks one of the most significant shifts from Bitcoin to Ethereum by a known whale in recent months. His strategy reflects growing confidence that Ethereum could outperform Bitcoin in the short term.

The aggressive accumulation also suggests whales may be positioning ahead of wider institutional demand. With ETH ETF approvals still on the table in multiple regions, sentiment for Ethereum is building quickly.

Meanwhile, while whales like this Bitcoin OG swap their BTC holdings for ETH. Other investors, such as Matrixport, deposited 95,873 ETH ($452 million) into Binance and OKX and withdrew over 2,300 BTC ($272 million).

Price Performance And Hopes Of An Altcoin Season

At the time of this writing, Bitcoin’s price is at $114,800 and not showing significant price changes. After the sale of the BTCs, the market has been able to absorb the impact of the selling pressure. This resiliency reflects that the high spot demand remains behind BTC at greater than 110,000.

Ether, in its turn, has been gaining even more rally. ETH price trades at $4,700 and is just a few notches from breaking through the major resistance levels. A resounding breakout may justify the moves of the whale and lure more institutional liquidity.

The BTC-to-ETH ratio has also been transformed to the benefit of Ethereum. The claw of ETH dominance is getting higher, which is an indication of a capital rotation to altcoins vs. Bitcoin. Precedent is probable as Ethereum takes the limelight in the next market.

This trend is confirmed by the data of other big players. Trump’s World Liberty Financial, which is fast expanding, has also increased its Ethereum purchases. The transaction follows an expansion in the interest of institutional ETH accumulation.