A massive Bitcoin holder once responsible for one of 2025’s biggest portfolio shifts has returned, transferring $360 million in BTC after two months of silence - and reigniting speculation of another rotation into Ethereum.

Data from Arkham Intelligence shows the whale moved the funds to Hyperunit’s DeFi wallet, the same address pattern used before converting roughly $5 billion in Bitcoin to Ether in August. That earlier move briefly made the investor one of the largest individual ETH holders, surpassing even major corporate treasuries.

Back then, the whale exchanged $2.59 billion in BTC for $2.2 billion in Ether and opened a $577 million ETH long position, sparking copycat trades that saw other whales scoop up nearly $450 million worth of ETH within a day. Despite these massive reallocations, the address still holds over $5 billion in Bitcoin, keeping traders wary of fresh selling pressure.

Dormant Wallets Wake Up

The timing of the transfer coincides with renewed activity among long-term holders. Data from CryptoQuant shows that wallets dormant for three to five years just moved 32,300 BTC – worth nearly $4 billion – to exchanges, the largest such transfer of 2025.

Analyst Willy Woo noted these “OG whales,” many of whom bought Bitcoin under $10, have an outsized influence on liquidity and sentiment when they move funds.

Bitcoin Holds Its Safe-Haven Narrative

Despite renewed whale movements, analysts see sustained demand for Bitcoin as a hedge against macro uncertainty. Ryan Lee of Bitget said investors continue to favor scarce, non-sovereign assets amid U.S. fiscal instability.

Research firm Matrixport added that Bitcoin appears to be reclaiming market dominance after a brief period when Ethereum and select altcoins outperformed. “The rally remains selective, not broad-based,” the firm said.

Whether this week’s whale activity signals another Ethereum push or simple rebalancing, one thing is certain – large holders are moving again, and history suggests the market won’t stay quiet for long.