Doormant Bitcoin Zilla re-emerges in a critical shift to Ethereum, locking over $100 million unrealized profits as ETH prices skyrocket.
On August 22nd, blockchain tracker LookonChain flagged its wallet after it began to be loaded into ETH in both spot purchases and leveraged trades.
Bitcoin Zilla’s Ethereum position is worth more than $850 million
The whale, which received over 100,000 BTC almost seven years ago, has made its first major Ethereum purchase, including a $270 million purchase of 62,914 ETH and a long position in a much larger $580 million derivative worth 135,265 ETH.
These transactions indicate the intentional reallocation of holdings from key bitsin holders of that scale.
On August 23, the whale sent 300 BTC to the derivatives platform hyperliquid in two separate transactions, suggesting a deliberate plan to expand Ethereum exposure rather than a one-off allocation.
At current market prices, these transactions have already paid off.
LookonChain estimates the derivatives’ position is up about $58 million, but the profits from spot purchases added about $42 million. Together, the wallet has made more than $100 million in profits from this pivot alone.
Beyond profit, the whale shift indicates broader market trends that show that Ethereum is steadily attracting more liquidity and market interest.
CEXIO’s report shows that spot trading on major intensive platforms rose by more than 32% in August, rising to its highest level since 2017.
The shift is driven partially by retail investors, who continue to trade bigger with more participation in the $3,000 order size.
Separately, Cex.io noted that net capital position data showed Ethereum rose 23% and Bitcoin fell 43% in August. That dynamic highlights how capital rotation is leaning towards ETH, reflecting changing trust among traders.
So, following Federal Reserve Chair Jerome Powell’s remarks by Jackson Hole, it’s not surprising that Ethereum rose to an all-time high after improved risk appetite across the crypto market.
How did Bitcoin Zilla’s Ethereum bet first appeared in Beincrypto for $100 million?
