According to @lookonchain, a Bitcoin OG wallet that received 100,784 BTC seven years ago has begun rapidly rotating from BTC to ETH. According to @lookonchain, the entity deposited approximately 22,769 BTC worth about $2.59 billion to Hyperliquid for sale over the past five days. According to @lookonchain, the same wallet then bought 472,920 ETH spot valued around $2.22 billion and opened a 135,265 ETH long worth about $577 million. According to @lookonchain, the original 100,784 BTC was valued at $642 million at the time and is about $11.4 billion now.

According to IntoTheBlock, addresses holding between 10k and 100k BTC were the primary sellers during the recent market dip, offloading 25,740 BTC in the last 7 days. Despite this selling pressure, overall on-chain data reveals a net accumulation across Bitcoin addresses, suggesting that many traders are leveraging the lower prices to increase their positions.