Yeliz Akmaca 
A massive whale move has caught the crypto market’s attention. The Bitcoin whale known as “195DJ” sold 31,151 BTC since mid-August, worth around $3.4 billion. The funds were rotated into Ethereum, pushing Bitcoin’s price below the $111,500 support. This selling pressure dragged prices closer to $107,000.
Despite the heavy sell-off, the whale still holds around 50,000 BTC. At current prices, that amounts to nearly $5.4 billion. This indicates a short-term hedging strategy rather than a complete exit. At the same time, the whale’s long-term confidence in Bitcoin remains intact.
CryptoQuant data shows the BTC was not converted into stablecoins but sent to Hyperliquid. Analyst JA Maartunn confirmed that these assets were swapped directly into Ethereum. Moreover, the fact that the address belongs to a well-known, long-standing investor made the move even more significant.
Historical Whale Activity and Market Impact
Similar whale patterns emerged in past cycles. In both 2017 and 2021, gradual whale sales marked distribution phases that capped rallies. In 2020, certain whales shifted into ETH before the DeFi boom, while Bitcoin entered a consolidation period. This rotation allowed Ethereum to outperform.
The latest whale shift reflects a similar outlook. Ethereum may capture short-term momentum while Bitcoin struggles to hold its ground. Meanwhile, gold prices surged to record highs as investors sought safer havens. U.S. monetary policy uncertainty continues to weigh on overall risk sentiment.
On the technical side, Bitcoin charts display a golden cross signal. Under normal conditions, this is a bullish indicator. However, aggressive whale selling is overshadowing the signal. In addition, the move into Ethereum strengthens a cautious market tone.
In the long run, this is not a total exit from Bitcoin. The whale still holds 50,000 BTC, underscoring long-term conviction. Yet, short-term capital flow favors Ethereum. This rotation signals a temporary momentum shift rather than a structural change in market dominance.
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