 ▲ Ethereum (ETH), cryptocurrency whale/ChatGPT-generated image |
A major whale that once managed assets worth $11.1 billion has been confirmed to have suffered astronomical losses totaling nearly $5 billion after making a decisive bet on Ethereum (ETH), ultimately dumping its holdings.
According to crypto-focused media outlet NewsBTC on February 16 (local time), blockchain analytics firm Arkham reported that a giant whale known as “Hyperunit” sold approximately $500 million worth of Ethereum. The whale is believed to be a Chinese Bitcoin investor and a key market player who has held more than 100,000 BTC for about seven years since 2018.
Hyperunit began accumulating Bitcoin in early 2018 when its holdings were valued at around $650 million, and at its peak, the portfolio reached $11.14 billion in value. However, in August 2025, the whale carried out a large-scale asset rotation, selling 39,738 BTC—then worth $4.49 billion—and converting the proceeds into Ethereum. Through this process, Hyperunit secured approximately 886,000 ETH, shifting the core of its portfolio.
The aggressive asset reallocation ultimately resulted in devastating losses. Losses of about $3.7 billion were recorded from leveraged Ethereum exposure and spot holdings, with an additional $1.2 billion in unrealized losses from staked Ethereum. The total decline in portfolio value from its peak approached $5 billion. As Ethereum failed to sustain its 2025 high near $4,000 and continued to trend downward, Hyperunit ultimately opted for a capitulation sell-off.
Ethereum is currently struggling to reclaim the psychological support level of $2,000, but persistent selling pressure has heightened market anxiety. Technically, it is trading below key moving averages, with bearish momentum intensifying. The sharp increase in trading volume suggests that the selling may not be mere profit-taking but could indicate forced liquidations or capitulation. To break the downtrend, Ethereum must decisively reclaim the $2,200 to $2,400 range, which previously acted as support.
The capitulation by a major whale starkly illustrates the pain associated with strategic reallocations by large asset holders in the cryptocurrency market. News of Hyperunit’s massive sell-off has dampened investor sentiment among institutions and other whales, with the market on edge over the possibility of additional supply hitting exchanges. As liquidity in the Ethereum ecosystem contracts sharply, the emergence of strong buying pressure to defend prices is expected to serve as a crucial turning point in determining the market’s future direction.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*