According to on-chain data from the block explorer Hypurrscan, the whale deposited 2,000 BTC (worth around $216M) on Hyperliquid and gradually swapped it for ETH. The wallet ending in “eCb43” received two transfers of 1,000 BTC each and then sold them in small tranches of roughly 1–1.5 BTC until the balance was depleted.
Shortly after, analytics platform Arkham Intelligence linked the address to a cluster of wallets holding nearly $5 billion in Bitcoin. One of these wallets transferred at least $800 million to Hyperunit, the on-ramp for Hyperliquid, on August 24. This suggests that further reallocations could follow.
Arkham also noted that the whale moved an additional $1.1 billion in BTC into a new wallet and continued buying Ethereum through Hyperunit/Hyperliquid. In the previous week alone, the whale had already accumulated around $2.5 billion in ETH.
BREAKING: $5 BILLION BTC WHALE BUYING UP TO $1 BILLION $ETH
— Arkham (@arkham) August 29, 2025
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
Large investors appear to be taking advantage of the recent volatility to rebalance into Ethereum, with Hyperliquid emerging as the preferred venue for such mega-transactions.
Meanwhile, both Bitcoin and Ethereum have faced sharp corrections in recent days. BTC briefly fell below $108,000, highlighting the turbulence across the crypto market.