Why Are Dormant Bitcoin Whales Rotating Into Ethereum Ahead Of Powell’s Jackson Hole Speech?
Dormant Bitcoin (CRYPTO: BTC) whales are springing to life, shifting capital into Ethereum (CRYPTO: ETH) as traders bet on stronger performance from ETH.
What Happened: On-chain data from Lookonchain revealed that a Bitcoin whale, who received 100,784 BTC ($642 million) nearly seven years ago has resurfaced, offloading BTC to buy 62,914 ETH ($267 million) spot and opening a 135,265 ETH ($577 million) long position.
Another dormant whale showed a similar pattern, depositing BTC into Hyperliquid.
This wallet, which originally received 85,947 BTC ($547 million), still controls six wallets holding 83,585 BTC ($9.42 billion).
The moves come as Bitcoin and Ethereum prices dip, with traders noting ETH’s relative strength against BTC as a signal of brewing upside momentum.
Analyst …
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