Bitcoin Whale Sitting on $5 Billion Dumps More BTC to Buy Ethereum
A major Bitcoin holder deposited 2,000 BTC, valued over $216 million, to Hyperliquid’s exchange and sold it for Ethereum. The address received 1,000 BTC in two transactions and began methodically selling small amounts for ETH until depleting its Bitcoin. Another 1,000 BTC was deposited and sold similarly, resulting in the transfer of over 42,750 ETH out of the wallet. On-chain analytics firm Arkham Intelligence linked this address to others holding $5 billion in Bitcoin, noting a recent $800 million deposit to Hyperunit. The whale has been actively purchasing ETH, moving $1.1 billion in BTC to a new wallet and buying up to $1 billion in ETH. Last week, the whale also acquired $2.5 billion in ETH. Bitcoin and Ethereum are currently trading around 4% lower, at $108,196 and $4,318, respectively.
