flagged<\/a> the same entity, writing: \u201cTHIS WHALE JUST BOUGHT $430M OF ETH \u2013 AND STILL HAS $650M LEFT TO BUY,\u201d and identifying specific addresses on both chains. According to Arkham, the whale \u201chas purchased over $3 BILLION of ETH in total and staked the majority of it,\u201d with flows linking a BTC source wallet beginning \u201c169q\u2026\u201d and an ETH receiver \u201c0x6167\u2026\u201d.<\/p>\nThose staking claims are now visible on-chain. On September 1, funding flows from 0x6167\u2026 led to a \u201cBeacon Depositor\u201d account that submitted a series of deposit transactions totaling 165,010 ETH to Ethereum\u2019s staking contract, with dozens of 30,000 ETH-sized and 15,010 ETH-sized deposit calls posted within the same hour. The deposit contract view and the funding trail from 0x6167\u2026 corroborate that a substantial slice of the newly acquired ETH has moved directly into staking.<\/p>\n
On the Bitcoin side, the active source wallet \u201c169q\u2026\u201d and two long-idle companion wallets \u201c17MWd\u2026\u201d and \u201c12Xqe\u2026\u201d anchor the cluster that MLM has been tracking since last week. Mempool records show recent inter-wallet activity and outputs from 169q\u2026 consistent with the staged deposits to Hyperliquid described in the thread.<\/p>\n
The trader\u2019s provenance is still speculative. MLM argues the entity is \u201cpresumably Asian,\u201d noting that the original BTC was accumulated seven to eight years ago via Asia-linked platforms and miners\u2014\u201cHTX, OKX, ViaBTC (a mining pool), Bixin (a miner), and Binance.\u201d But MLM cautioned readers not to over-interpret intent: \u201cOf course, don\u2019t take this prediction as financial advice, since it\u2019s all speculation for now and we don\u2019t know the intentions of this whale.\u201d<\/p>\n
$5 Billion Selloff Still Looms<\/h2>\n
While commentators are debating motives, the mechanics are clear: staged BTC funding to a single trading venue, piecemeal ETH fills to minimize slippage, rapid withdrawals to self-custody, and swift conversion of a large portion to staked ETH. The cadence of deposits and withdrawals\u2014some clustered over weekends\u2014also lines up with timing observations in MLM\u2019s logs and Arkham\u2019s updates.<\/p>\n
What remains uncertain is how much further the rotation will go. MLM\u2019s running ledger suggested that at least several thousand BTC were still poised to move: \u201cAdditionally, there\u2019s another combined 46.816 BTC ($5.07B) across these wallets: 17MWd [and] 12Xqeq. Of this, another 14.495 BTC ($1.57B) might get rotated based on previous activity, though it\u2019s unclear what will happen with the remaining 32.321 BTC ($3.5B). At this point, it looks like he is rotating everything lol.\u201d<\/p>\n
At press time, BTC traded at $109,621.<\/p>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/09\/BTCUSDT_2025-09-01_11-56-11.png?resize=1024%2C471\")
<\/p>\n","protected":false},"excerpt":{"rendered":"
A long-dormant Bitcoin \u201cOG\u201d has been rotating billions of dollars\u2019 worth of BTC into ETH over the past two weeks, executing the bulk of the trades on Hyperliquid and withdrawing large tranches of ETH to self-custody\u2014before staking a significant portion on the Beacon Chain. Bitcoin OG Whale Still Rotates Into ETH On-chain sleuth \u201cMLM\u201d has…<\/p>\n","protected":false},"author":1,"featured_media":6889,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[56,55,69,1367,61,120,121,64,66,88],"class_list":["post-6888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-whale","tag-btc","tag-btc-news","tag-btc-price","tag-eth","tag-ethereum","tag-ethereum-news"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/6888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=6888"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/6888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/6889"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=6888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=6888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=6888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}