In brief
- A Bitcoin whale connected to wallets holding $5 billion in BTC is dumping some holdings for Ethereum.
- The holder deposited at least 2,000 BTC on Hyperliquid, selling it in batches for ETH.
- Other Bitcoin whales have played a similar trade of late as ETH rose to a new all-time high price.
A major Bitcoin holder deposited 2,000 Bitcoin—worth more than $216 million—to Hyperliquid’s exchange and methodically sold it into Ethereum, according to data from network block explorer Hypurrscan.
The address ending in “eCb43” first received 1,000 BTC worth around $108 million across two transactions around 10:57 a.m. ET this morning. Shortly thereafter, the account began selling small batches of Bitcoin for Ethereum, often selling 1-1.5 BTC at a time and purchasing the corresponding amount in ETH until its Bitcoin was exhausted.
It later re-upped with another 1,000 deposit, following the same playboo
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Author: Logan Hitchcock
