On-chain intelligence firm Arkham Intelligence reported that a major crypto holder known as the Hyperunit Whale sold approximately $500 million in Ethereum this week. The transaction followed earlier transfers involving Binance.
From Bitcoin to Ethereum Rotation
The whale accumulated over 100,000 Bitcoin in early 2018, then valued near $650 million. The addresses remained largely untouched for nearly seven years. At peak, the holdings were worth about $11.14 billion in Bitcoin.
In August 2025, roughly 39,738 BTC (worth $4.49 billion at transfer) moved on-chain and were rotated into Ethereum exposure. The whale accumulated about 886,371 ETH, worth over $4 billion at the time, marking a clear strategy shift.
Drawdowns in Leveraged and Staked Positions
Arkham estimates the whale is currently down about $3.7 billion on leveraged ETH exposure and spot holdings. Staked ETH positions show losses near $1.2 billion. Total estimated drawdowns now approach $5 billion from peak levels.
Another Whale Sells 5,000 BTC
Separately, Lookonchain reported that Garrett Jin sold 5,000 Bitcoin worth about $348.82 million. He withdrew 53.12 million USDT from Binance, likely tied to that sale. Despite the move, Jin still holds over 30,000 Bitcoin.
Vitalik Buterin on Network Neutrality
Amid these large transfers, Ethereum co-founder Vitalik Buterin addressed network neutrality on X. He stated that users do not need agreement with his views to use Ethereum, emphasizing open access without permission from him or the Ethereum Foundation. He described this openness as the network's core design principle.