A Bitcoin wallet that had sat frozen since August 2024 just moved its entire 4,582 BTC ($377.6M) in one go, per Lookonchain. Same day, a second whale swallowed a $5M loss to dump 837.8 BTC and rotate into 27,500 ETH, routed so convolutedly a tax accountant would need a sedative.
▪️ The OG stack: 4,581.94 BTC landed in a single transfer on Aug. 7, 2024, then sat there for more than two years.
▪️ At 6:37 p.m. UTC on Oct. 12 the full balance left in one transaction, split into five pieces and sent to fresh addresses with zero history. Clean wallets, clean slate, zero fingerprints.
▪️ As of Tuesday morning, not a single satoshi had been spent. Analysts call the split custody restructuring or an OTC desk warming up to sell. Not panic. Nobody in this market panics that neatly.
▪️ Whale No. 2 (flagged by EmberCN) sold 410.1 BTC on Hyperliquid for about $34.13M in USDC and bought 13,527 ETH at $2,523.
▪️ The route: BTC into Hyperliquid, sold for USDC, USDC withdrawn to Arbitrum, bridged to Ethereum, then swapped for ETH onchain.
▪️ The bleed: 410.1 BTC bought at $95,434 is about $39.1M, sold for roughly $34.1M. That's a realized loss near $5M, or 13%. Nobody takes a 13% haircut to cash out.
📊 OG wallet moved:
4,582 BTC ($377.6M)📊 Whale No. 2 realized loss:
~$5M (13%)📊 ETH bought by whale No. 2:
27,500 ($69.68M)📊 Longs wiped Monday night:
$406METH bulls are staring at the ETH/BTC ratio like it owes them money, and the ratio just broke a line they didn't want to see. Bitcoin dipped under $82,000 Monday night, vaporized $406M in longs, then bounced back above $83,500 on Tuesday, because somebody always needs a bounce to sell into. Bitcoin and ether ETFs bled $1.2B last week, so the institutional bid isn't carrying anyone, it's just standing there. Meanwhile Tom Lee's Bitmine has passed 6M ETH, close to 5% of supply, which is the corporate bid bulls wave at every time the ratio sags. Whether that bid holds is the only question that matters, and it's the one nobody on CT wants to answer.
🔮 Custody cleanup or a dump in disguise? Five clean addresses, zero spends. Somebody is cooking, and it isn't you.
@exverse_chat
