A Bitcoin whale, meaning a long-term holder, has once again started selling off their BTC holdings, as the price of Bitcoin hovers around $116,000. The same whale has previously made similar large moves, exchanging billions of dollars‘ worth of Bitcoin for Ether (ETH). What effect does this have on Bitcoin?

What exactly has the Bitcoin whale done?

Two Bitcoin wallets linked to an address that had been inactive for more than eight years have transferred 1,176 BTC (around $136 million) to the trading platform Hyperliquid. From there, the whale has begun selling Bitcoin. Last August, the same whale sold approximately 35,991 BTC (over $4 billion) in exchange for Ether.

The ratio between ETH and BTC has remained relatively stable since July last year, staying below 0.05. This means that 1 ETH equals 0.05 BTC. At the moment, the ratio is around 0.0401, which implies that if the whale were to convert their ETH back into BTC now, they would lose an estimated 460 BTC (± $53 million) in value.

Bitcoin price movement

Bitcoin has been trying for some time to break above $116,000 but continues to face resistance. Over the past few days, the price has shown little movement, fluctuating between $115,000 and $116,200, without significant upward volatility. Since peaking at around $124,000 in mid-August, Bitcoin has fallen by roughly 7%.

Other notable whale transfers

A wallet containing around 445 BTC, which had been inactive for nearly 13 years, has recently shown movement again: part of the Bitcoin was transferred to the exchange Kraken. Another wallet holding nearly 480 BTC has also seen activity after a long silence: inactive since 2012, it recently moved funds, possibly just to transfer crypto to a new address.

What does this mean for investors?

Risks
When whales start selling, it can put pressure on the price because they often release large volumes onto the market. This can trigger short-term price drops. The ETH/BTC ratio and the whale‘s decision to opt for ETH over BTC may suggest greater confidence in the future of ETH, or less confidence in Bitcoin‘s short-term growth.

Opportunities
Bitcoin‘s price remains stuck around $116,000, a key technical resistance level. If BTC manages to break through with strong volume, it could spark a new upward trend. This whale demonstrates that switching between major cryptocurrencies can be a strategy to diversify risk or reassess positions. Such whale transactions are closely monitored by investors, as they can signal opportunities to act.

Conclusion

These recent whale sell-offs serve as a reminder that even long-term holders may decide to take profits or adjust their strategies, especially when Bitcoin is at a technically critical level. For now, BTC remains around $116,000, facing resistance at that level and showing limited upward movement. For beginner investors, this highlights the importance of patience and understanding technical resistance; for advanced traders, it offers a chance to analyse where “smart money” is moving.

Disclaimer: This is not financial advice. Always conduct your own research and seek professional guidance.