Large cryptocurrency holders are making significant portfolio moves, with early Bitcoin adopters continuing to take profits while others shift capital into Ethereum. The activity highlights a changing dynamic among major market participants as prices stabilize near recent highs.
An early Bitcoin holder, often referred to as a “whale,” has sold another 1,000 BTC valued at roughly $72 million. This investor originally accumulated about 5,000 BTC in 2013, when prices were just a fraction of current levels. The latest sale is part of a broader pattern of distribution that has unfolded over recent months.
Blockchain data shared by on-chain analyst EmberCN shows that the same wallet has transferred approximately 3,500 BTC — worth about $332 million — to Binance since November 2024. Despite these sales, the investor still retains around 1,500 BTC, suggesting they continue to hold a sizable long-term position.
The scale of profits realized is substantial. The whale reportedly acquired Bitcoin at an average price of $332 and has sold portions at an average price close to $94,786, locking in gains estimated at roughly $330 million.
Other early investors are also trimming their holdings. According to data tracked by Lookonchain, crypto investor Owen Gunden recently sold an additional 650 BTC valued at about $46.3 million. This comes on top of more than $1 billion in Bitcoin sales attributed to the same investor over time.
Market data from CryptoQuant suggests that large holders have dominated exchange inflows in recent days. At peak periods, the top 10 deposits accounted for as much as 83% of total Bitcoin inflows to exchanges. As of Thursday, the exchange whale ratio stood at 0.66, indicating that high-value investors continue to drive the majority of deposit activity.
While Bitcoin whales appear to be distributing, the opposite trend is emerging in Ethereum. A major investor has accumulated 50,706 ETH, worth approximately $111.6 million in USDT, at an average purchase price of $2,201. This transaction marks the trader’s first significant move after seven months of inactivity.
Interestingly, this same participant had sold 28,683 ETH about a year earlier at a much higher average price of $3,892. The recent purchase suggests a strategic re-entry at lower levels, potentially positioning for future price appreciation.
Similar patterns are being observed across the Ethereum market. Lookonchain previously identified another investor who acquired 23,393 ETH using 49 million USDT, after having sold 12,886 ETH a year earlier at an average price of $3,324.
This growing accumulation trend indicates that some large investors are rotating capital from Bitcoin into Ethereum or increasing their exposure to ETH after periods of reduced activity.
Overall, the contrasting movements — Bitcoin distribution alongside Ethereum accumulation — point to a shifting strategy among crypto whales. As the market navigates a consolidation phase, these high-value transactions may offer clues about where institutional and large-scale investors see the next wave of opportunity.
