A long-term Bitcoin (BTC) holder, who converted a $4 billion position into Ethereum (ETH) last month, has started selling again after Bitcoin broke the $116,000 mark for the first time in three weeks.
According to Lookonchain's report on the X platform, on Sunday, two Bitcoin wallets associated with an address that has held cryptocurrency for over eight years deposited 1,176 BTC, worth over $136 million, into the trading platform Hyperliquid and "started selling."
Lookonchain stated that the wallet had been inactive for two weeks after converting over $4 billion worth of Bitcoin (nearly 36,000 BTC) into Ethereum in the latter half of August.
The movements of large whales can indicate a shift in the interest of "smart money." Traders may view their sudden actions after years of inactivity as a negative signal, as they could be selling BTC on the open market and driving down prices.
Lookonchain wrote on September 1 on the X platform that the Bitcoin whale it tracked over the past two weeks had sold 35,991 BTC, worth over $4 billion, in exchange for Ethereum.
Since then, the ETH to BTC ratio has remained relatively stable, but currently, if the whale were to convert its ETH holdings back to BTC, it would incur a loss of nearly 460 BTC, worth about $53 million.
The ETH to BTC ratio has been below 0.05 since July of last year, peaking at a historical high of 0.14 in mid-2017. It currently stands at 0.0401, having risen 6% over the past month.
Meanwhile, Bitcoin faced resistance at $116,000, a price it reached for the first time since Friday and the first time since August 23, nearly three weeks ago.
Bitcoin traded sideways at $115,500 over the past 24 hours, peaking at $116,182 and dipping below $115,000, struggling to break through the $116,000 mark effectively.
It is down 7% from its peak of over $124,000 on August 14.
The latest Bitcoin whale sell-off observed by Lookonchain follows other high-value wallet sell-offs in recent weeks.
A wallet holding nearly 445 Bitcoins, which had not conducted any transactions for nearly 13 years, made a transfer on Thursday, sending part of its funds to the cryptocurrency exchange Kraken.
At the beginning of September, a wallet with nearly 480 Bitcoins also made its first transfer since 2012, seemingly just moving funds to a new address.
Related: A wallet marked as "Coinbase Hacker" purchased $18.9 million worth of Ethereum (ETH) at an average price of $4,756.
Original article: “Bitcoin (BTC) Flatlines at $116K, Whales Start Selling Again”
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