Ethereum Eyes $3,000 as Mystery Whale Rotates $87 Million Out of Bitcoin

Ethereum (CRYPTO: ETH) climbed above $2,700, its highest level since January, as whale activity accelerated and one large holder rotated a significant amount of Bitcoin (CRYPTO: BTC) into ETH.

On-chain tracker Lookonchain reported that a mysterious whale sold 1,107 BTC worth $86.76 million on Hyperliquid before buying 34,422 ETH worth $86.5 million and staking the entire position.

The transactions occurred over the past five days, according to data reported on Sept. 21.

Another swing trader is also buying back into Ethereum at higher prices.

Trader 0x4cee, who sold 10,500 ETH for $23.64 million at an average price of $2,252 a month ago, bought back 7,567 ETH worth $19.93 million. The earlier sale generated a $3.66 million profit.

On Chain Activity Shows Strength

Santiment Intelligence data shows whale transactions are climbing as Ethereum breaks higher, suggesting large holders are becoming increasingly active.

Ethereum’s holder base has also expanded to a record 207.17 million non-empty wallets.

More than 40 million ETH is currently staked, while the Ethereum network secures roughly $50 billion in decentralized finance total value locked, supported by stablecoins, lending, decentralized exchanges and liquid staking.