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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 playbook before ultimately transferring all of the Ethereum—more than 42,750 $ETH—out of its wallet.
On-chain analytics firm Arkham Intelligence has connected the address to others that collectively hold $5 billion worth of Bitcoin, and one that deposited at least $800 million worth of Bitcoin to Hyperunit on August 24. Hyperunit is a platform that allows native tokens like Bitcoin and Ethereum to be deposited and ultimately traded on Hyperliquid.
“A whale holding over $5 billion of $BTC is currently buying $ETH. He just moved $1.1 billion of $BTC to a new wallet and has started purchasing $ETH through Hyperunit/HL,” Arkham posted on X. “This whale bought $2.5 billion of $ETH last week, and he’s still buying.”
BREAKING: $5 BILLION $BTC WHALE BUYING UP TO $1 BILLION $ETH
A whale holding over $5B of $BTC is currently buying $ETH. He just moved $1.1 BILLION of $BTC to a new wallet and has started purchasing $ETH through Hyperunit/HL.
This whale bought $2.5 BILLION of $ETH last week, and… pic.twitter.com/cMQWrYBmZb
— Arkham (@arkham) August 29, 2025
Last week, a Bitcoin whale played the same trade, opting to swap some of its $BTC for a levered $75 million worth of long positions on $ETH.
Bitcoin whales have been coming alive of late. One Bitcoin billionaire recently made the largest transfer of “old $BTC,” or coins which haven’t moved in 10 years, in history when it transferred more than $8 billion worth.
Later, that same Bitcoin OG cashed out more than $9 billion of the top crypto asset, selling more than 80,000 Bitcoin acquired in the Satoshi-era via crypto asset firm, Galaxy Digital.
Both Bitcoin and Ethereum are trading around 4% lower on Friday, changing hands for $108,196 and $4,318, respectively.