Ancient Bitcoin Whale Swaps Over 400 BTC to ETH on Hyperliquid

An early Bitcoin whale has resurfaced with major moves, shifting hundreds of millions in crypto between Bitcoin and Ethereum.

According to data from Onchain Lens, a wallet that withdrew 14,837 BTC ($94.9 million) seven years ago recently deposited 660 BTC into decentralized exchange Hyperliquid over the past 20 hours.

The whale sold a large portion and later opened leveraged long positions in Ethereum.

Whale Shifts $45.5M in BTC to ETH on Hyperliquid

Fresh activity shows an additional 400 BTC ($45.5 million) was deposited into Hyperliquid, with the funds swapped for ETH on the spot market.

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

Onchain data reveals even larger bets in play. The whale opened long positions totaling 68,130 ETH ($295 million) across four different wallets, using 3x and 10x leverage.

Screenshots shared by Onchain Lens show 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 underscores a broader shift in whale behavior this cycle, with some long-term Bitcoin holders rotating into Ethereum as ETH’s market momentum accelerates.

Ethereum recently surged alongside Bitcoin, attracting attention from whales seeking higher upside potential in leveraged derivatives markets.

As reported, Ethereum tumbled to $4,063 on Wednesday after a wave of forced liquidations and heavy selling by ETF giants BlackRock, Fidelity, and Grayscale, who collectively dumped over $422 million worth of ETH in just 24 hours.

The move has shaken investor confidence and sparked debate over whether Ethereum’s 200% rally in recent months has finally run out of steam.

Data from SoSoValue shows 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 posted smaller but notable sell-offs.

Although ETH briefly recovered to around $4,223 after testing the $4,063 level, pressure remains high.

Ethereum Investors to Shift Back to Bitcoin as ETH Soars

As reported, Bitcoin advocate Samson Mow has suggested that Ethereum’s latest rally could be setting up a reversal, with capital eventually flowing back into Bitcoin.

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

According to him, these investors are rotating BTC into ETH to “pump it on new narratives” such as the emergence of Ethereum treasury companies.

Once prices rise sufficiently, he predicts they will sell their ETH, leaving “new generational bagholders,” and move the profits back into Bitcoin. “No one wants ETH in the long run,” he said.