An eight-year Bitcoin holder resumed selling after a two-week pause, depositing 1,176 BTC worth $136.2 million to the Hyperliquid trading platform as Bitcoin tested $116,000 resistance levels.

The whale previously executed one of the largest Bitcoin-to-Ethereum rotations in crypto history, trading 35,991 BTC valued at $4.04 billion for 886,371 ETH worth $4.07 billion.

The renewed selling activity comes as BTC Inc CEO David Bailey claimed earlier this month that two massive whales prevented the cryptocurrency from reaching $150,000, with one whale eliminated and another halfway through liquidations.

Multiple dormant Bitcoin addresses from 2011-2012 have awakened recently, creating selling pressure that contributed to Bitcoin’s struggle to maintain momentum above previous highs.

Previous whale activity has shown sophisticated market timing, with one holder selling 24,000 BTC worth $2.7 billion in coordinated transactions that drove Bitcoin from $115,000 to $111,000 within hours.

The sudden liquidation occurred during weekend trading, when thinner volumes amplify the price impacts of large transactions.

Another early adopter rotated 400 BTC in August, worth approximately $45.5 million, into leveraged Ethereum positions using 3x and 10x leverage across four wallets.

The whale opened combined long positions totaling 68,130 ETH worth $295 million, bridging funds back to the Ethereum mainnet after executing spot market swaps.

Dormant wallet activations accelerated throughout September, with addresses inactive since 2011-2013 transferring Bitcoin to exchanges, including Kraken.

One wallet holding 445 BTC made its first transaction in nearly 13 years, while another containing 480 BTC moved funds for the first time since 2012.

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