Bitcoin whale awakens after 7 years... Purchases Ethereum worth about ₩375 billion

A dormant Bitcoin (BTC) whale wallet that had been inactive for seven years has reactivated and reportedly converted a large amount of funds to Ethereum (ETH).

According to cryptocurrency-focused media outlet The Block on the 22nd (local time), blockchain analytics firm Lookonchain reported: "The whale wallet that once received 107,784 BTC has recently purchased 62,914 ETH (about $270 million, approximately ₩375 billion) in spot trades, and has also built a long position in derivatives for an additional 135,265 ETH (about $580 million)."

Lookonchain suggested that there are six other whale wallets exhibiting similar patterns, possibly linked to the same entity, and noted that these wallets collectively hold 83,585 BTC (worth about $9.45 billion).

In recent weeks, so-called 'ancient Bitcoin holders' have been reactivating their wallets near market highs, resulting in movements of assets worth billions of dollars.

This shift from selling to buying coincided with Bitcoin being adjusted to around $112,000. Meanwhile, Ethereum is gradually approaching its all-time high of $4,878 recorded in 2021.

Additionally, a similar trend is being observed in the ETF market. The media added: "As of the 21st, there was a net outflow of $194.3 million from spot Bitcoin ETFs, while spot Ethereum ETFs saw a net inflow of $287.6 million."