A wallet that sold 50,600 ETH near the top of last year's rally has spent four days converting $85.42 million in stablecoins into 1,075.6 BTC. The whale still holds $74.32 million unspent, and the new position sits underwater ahead of this week's Federal Reserve decision.
An Ethereum whale that sold at the top of last year's rally is now betting on Bitcoin. The address, which offloaded 50,600 ETH in late 2025, has spent four days turning $85.42 million in stablecoins into 1,075.6 BTC, and it still holds $74.32 million unspent.
A Well-Timed Exit, Then Eight Months of Silence
In late 2025, the wallet sold 50,600 ETH at an average price of $2,921, a trade worth close to $147.8 million that locked in about $19.02 million in realized profit. It then sat in stablecoins for eight months, not rotating into another altcoin and not redeploying as ether recovered.
Building the Bitcoin Position
The wallet first moved 14 million USDC into 179.8 BTC at around $78,955. Within the following twenty-four hours, the position had grown to 767.8 BTC, funded with another 60.37 million USDC.
That run now totals 85.42 million USDC converted into 1,075.6 BTC over four days, at an average cost of $79,412 a coin, including roughly $170,000 in swap fees paid to Thorchain, the cross-chain protocol the whale used to move value without touching a centralized exchange.
Underwater Before the Fed Decision
BTC is changing hands near $77,200, which puts the wallet roughly $2,185 below its average entry per coin, or about $2.35 million underwater on paper. Traders are pricing in a strong chance of a Federal Reserve rate hike at the Sept. 15-16 meeting, and that prospect has capped every attempt at $80,000 this month.
Still, $74.32 million sits unspent, leaving the whale room to average down if the Fed hikes and risk assets sell off, or to stand aside entirely. The next four days of buying, or the lack of it, will say more about the wallet's conviction than the first four did.
Source: Bitcoin News
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