A mysterious Bitcoin OG, once known for deep BTC pockets, has continued an aggressive pivot into Ethereum . On Sept. 1, blockchain data confirmed that the whale sold 2,000 BTC, worth approximately $215 million, and instantly converted it into 48,942 ETH at spot prices.
The transaction pushes the Bitcoin OG’s total Ethereum holdings to 886,371 ETH, valued at over $4.07 billion. Interestingly, close to $1 billion of these purchases were made just over the weekend, implying a significantly bullish stance on the digital asset.
Market experts say that this accumulation spree may be an attempt to front-run institutional inflows, especially after Consensys founder Joseph Lubin predicted Ethereum’s market base could grow 100 times over.
Lubin noted that Wall Street will inevitably stake Ethereum, as financial giants are seeking cheaper, scalable infrastructure compared to deserted legacy systems.
According to him, this would trigger unprecedented demand for ETH, potentially leading to it surpassing Bitcoin as the dominant cryptocurrency.
The Bitcoin OG transaction comes alongside fresh buying activity from Longling Capital, a well-known trading firm. After selling 5,000 ETH last week, they turned buyers again, picking up 7,000 ETH ($30.6 million).
The firm has built a reputation for accurately timing market entries and exits, and its latest purchase is being interpreted as a bullish signal for Ethereum’s next leg up.
Ethereum recently marked a new all-time high of $4,953 on Aug. 25 but quickly faced a price correction. At the time of writing, ETH is trading at around $4,388, marking a 6% drop over the past week.
Analysts, however, believe these consolidations are healthy before another push toward the psychological $5,000 resistance level.
Popular crypto trader Wagmi wrote on X that Ethereum looks “ready for a big move,” stressing that as long as it holds above the $4,360 support, a rally beyond $5,000 remains firmly on the table.
Ethereum’s daily chart shows the price consolidating within the Bollinger Bands, with the mid-band (20-day SMA) acting as immediate support around $4,360. The bands are tightening, indicating reduced volatility before a potential breakout.
If ETH holds above $4,360, buyers could push toward resistance at $4,750 and retest the $4,953 all-time high, with a breakout opening doors to $5,200+, making ETH the next crypto to explode.
Meanwhile, the Relative Strength Index (RSI) is hovering near 52, suggesting a neutral stance but leaning slightly bearish after cooling off from overbought levels in August.