Long-time Bitcoin Holder Exchanges More Than 400 BTC for ETH on Hyperliquid

An early Bitcoin whale has reemerged with significant transactions, transferring hundreds of millions in cryptocurrency between Bitcoin and Ethereum.

Key Takeaways:

• A previously inactive Bitcoin whale moved over $90M in BTC, selling on Hyperliquid and reallocating into Ethereum.
• The whale established substantial leveraged long positions totaling $295M across four wallets.
• This activity occurs as Ethereum experiences $678M in ETF outflows and notable price fluctuations near $4,000.

As per data from Onchain Lens, a wallet that withdrew 14,837 BTC ($94.9 million) seven years ago has recently deposited 660 BTC into the decentralized exchange Hyperliquid within the last 20 hours.

The whale liquidated a significant portion and subsequently opened leveraged long positions in Ethereum.

Whale Transfers $45.5M in BTC to ETH on Hyperliquid

Recent activity indicates that an additional 400 BTC ($45.5 million) was deposited into Hyperliquid, with the assets exchanged for ETH on the spot market.

The whale then bridged the ETH back to the Ethereum mainnet, consolidating a total of 11,744 ETH valued at $50.6 million.

Onchain data reveals even larger investments in play. The whale initiated long positions amounting to 68,130 ETH ($295 million) across four distinct wallets, utilizing 3x and 10x leverage.

Screenshots provided by Onchain Lens display open positions valued between $90 million and $99 million each.

This #Bitcoin OG further deposited 400 $BTC, worth $45.5M into #HyperLiquid, and is selling it to buy $ETH on the spot.
OG also bridging $ETH back to @ethereum Network holding 11,744 $ETH worth $50.57M.https://t.co/GqS7kjvfd0
Holding address:… https://t.co/AiFSBY8kYo pic.twitter.com/0gdMimRObv

— Onchain Lens (@OnchainLens) August 21, 2025

The renewed activity highlights a broader change in whale behavior this cycle, with some long-term Bitcoin holders transitioning into Ethereum as ETH’s market momentum picks up.

Ethereum has recently surged alongside Bitcoin, drawing interest from whales looking for greater upside potential in leveraged derivatives markets.

As previously reported, Ethereum dropped to $4,063 on Wednesday following a wave of forced liquidations and significant selling by ETF giants BlackRock, Fidelity, and Grayscale, who collectively offloaded over $422 million worth of ETH in just 24 hours.

This development has unsettled investor confidence and ignited discussions regarding whether Ethereum’s 200% rally in recent months has finally lost momentum.

Data from SoSoValue indicates that the withdrawals marked the third consecutive day of ETF outflows, totaling $678 million over three sessions.

Fidelity led with $156 million in redemptions, followed by Grayscale with $122 million, while Bitwise, VanEck, and Franklin Templeton recorded smaller but significant sell-offs.

Although ETH briefly rebounded to around $4,223 after testing the $4,063 level, selling pressure remains elevated.

Ethereum Investors to Shift Back to Bitcoin as ETH Soars

As noted, Bitcoin advocate Samson Mow has suggested that Ethereum’s recent rally may be setting the stage for a reversal, with capital likely flowing back into Bitcoin.

Mow, CEO of Bitcoin adoption firm Jan3, asserted that many long-term ETH holders, particularly early insiders from the ICO era, already possess substantial amounts of Bitcoin.

He indicated that these investors are rotating BTC into ETH to “pump it on new narratives” such as the rise of Ethereum treasury companies.

Once prices increase sufficiently, he anticipates they will liquidate their ETH, leaving “new generational bagholders,” and reinvest the profits back into Bitcoin. “No one wants ETH in the long run,” he stated.

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