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 Ancient Bitcoin Whale Swaps 400+ BTC for Ethereum on Hyperliquid Exchange

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A legendary Bitcoin whale has reappeared after years of silence, moving hundreds of millions in crypto between Bitcoin (BTC) and Ethereum (ETH). This rare on-chain activity has caught the attention of traders worldwide as whales begin shifting from Bitcoin into Ethereum amid strong market momentum.

Bitcoin Whale Resurfaces with Huge Transactions

According to on-chain data from Onchain Lens, a wallet that originally withdrew 14,837 BTC ($94.9M) nearly seven years ago has suddenly become active again. In the last 20 hours, the whale deposited 660 BTC into the decentralized exchange Hyperliquid and began aggressively trading.

The whale sold a large portion of BTC holdings and quickly opened leveraged Ethereum long positions, signaling a potential bet on ETH’s continued upside.

Whale Swaps $45.5 Million BTC to ETH on Hyperliquid

Fresh activity shows the whale transferred an additional 400 BTC ($45.5M) into Hyperliquid and swapped the funds directly for ETH on the spot market. The Ethereum was then bridged back to the Ethereum mainnet, consolidating a massive new holding of 11,744 ETH worth $50.6M.

Even more striking, the whale is using 3x–10x leverage across four wallets, opening Ethereum long positions worth 68,130 ETH ($295M). Screenshots shared by Onchain Lens reveal open trades valued between $90M and $99M each.

This bold move highlights a growing trend of Bitcoin whales rotating capital into Ethereum, betting on ETH’s market dominance in the current bull cycle.

Ethereum Price Volatility and ETF Outflows

Ethereum’s surge has not come without risk. ETH recently dropped to $4,063 after heavy liquidations and massive sell-offs from Ethereum ETFs. According to SoSoValue, Ethereum ETFs recorded their third straight day of outflows, totaling $678M.

• Fidelity led with $156M in redemptions

• Grayscale followed with $122M

• BlackRock and others also sold off positions

Despite this, ETH quickly bounced back to around $4,223, showing strong buyer interest even in volatile conditions.

Bitcoin vs Ethereum: Where Will Whales Move Next?

Market analysts remain divided. Bitcoin advocate Samson Mow, CEO of Jan3, believes this Ethereum rally is temporary. He argues that early ETH insiders and long-term investors already hold significant Bitcoin and are rotating into Ethereum only to fuel short-term narratives such as Ethereum treasury companies.

According to Mow, these whales will eventually sell ETH profits and move back into Bitcoin, leaving newer investors exposed. “No one wants ETH in the long run,” he claimed.

Whale Activity Signals Market Shift

The whale’s reappearance after years of dormancy reflects a critical shift in crypto markets. While Bitcoin remains the largest digital asset, Ethereum’s growing ecosystem and leveraged trading opportunities are increasingly attractive to whales.

As Ethereum’s DeFi, NFTs, and ETF products gain momentum, the ongoing BTC-to-ETH whale rotation could reshape market dynamics in 2025.