An old Bitcoin 
$91,967 whale has captured the spotlight by making strategic Ethereum 
$3,139 transactions following a significant Bitcoin sale involving millions of dollars. Lookonchain, a blockchain data tracking platform, revealed transactions from three interconnected old wallets shortly after midnight on August 21. According to experts, this trajectory signifies a capital shift from Bitcoin to Ethereum and other altcoins, bolstering the anticipation of an altcoin season.
Old Bitcoin Whale Turns to Ethereum
Lookonchain identified three old wallets that acquired a total of 14,837 BTC from the Binance and HTX exchanges seven years ago. At that time, this accumulation was valued at $107.50 million, which has now surged to roughly $1.69 billion. The wallets were found to be related based on blockchain data analysis.
In addition, it was spotted that the old Bitcoin whale opened long positions in Ethereum through four wallets in Hyperliquid’s perpetual futures market. After closing some risky positions, the whale secured 19,794 ETH in the spot market, which equated to a value of $85 million. In the most recent transaction noted, the whale transferred $20 million USDC gained from BTC sales to the exchange, initiating a new long position in Ethereum with 6x leverage. As of today, the whale holds a total long position of 78,265 ETH, valued at $334 million, across five wallets.
Anticipation for Altcoin Season Strengthens
A notable signal in the market structure came from TradingView’s Bitcoin Dominance Index (BTC.D), which broke the 2.5-year upward trend above the 50-week exponential moving average (1W50EMA) in the first half of August. The index slumped below the threshold, and subsequent two-week candles confirmed the trend reversal. Currently, BTC.D stands at 59.49%.
Capital flows have shown a shift favoring Ethereum, with BitMine consolidating to become the largest Ethereum treasury globally, holding approximately $6.6 billion in assets. Wall Street’s interest has shifted towards Ethereum ETFs, surpassing those based on Bitcoin in recent times. Moreover, Google searches and Zcash’s shielded supply dynamics have triggered an increased interest in privacy-focused altcoins. These indicators provide additional proof supporting the narrative of transition from Bitcoin to altcoins, keeping a close watch on the developments.
