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 @EmberCN, a whale or institution moved 400 BTC to Hyperliquid in the past 3 hours, sold it, and received 10,493 ETH worth about $45.11 million, source: @EmberCN. According to @EmberCN, the same entity still holds 9,536 BTC with an average cost basis of $7,242 per BTC, indicating this wallet is rotating exposure from BTC to ETH, source: @EmberCN. According to @EmberCN, since yesterday the entity has sold a total of 1,070 BTC valued around $121 million and acquired 14,520 ETH on spot, resulting in a net flow of minus 1,070 BTC and plus 14,520 ETH for this wallet, source: @EmberCN. Based on the reported figures, the 400 BTC tranche accounts for roughly 37 percent of the 1,070 BTC sold since yesterday, and the swap implies about 26.2 ETH per BTC and an executed ETH price near $4,300 from the stated USD value, source: @EmberCN.

According to Lookonchain, a whale deposited 7 million USDC into Hyperliquid, purchasing 1,371.87 ETH spot at $2,551 with 3.5 million USDC and using the remaining 3.5 million USDC to open a 3x leveraged long position on ETH at an entry price of $2,550.42 (Lookonchain, May 20, 2025). This large-scale dual strategy signals strong bullish sentiment from institutional players, potentially increasing short-term volatility and liquidity for ETH on both spot and derivatives markets. Traders should monitor for heightened price movements and liquidations, as this level of leverage can amplify market reactions and influence funding rates. (Source: https://twitter.com/lookonchain/status/1924734328355115304)

According to Ai 姨 (@ai_9684xtpa), a major Ethereum whale has shifted strategy by closing a 4,000 ETH short position and subsequently purchasing 7,289 ETH on the spot market for approximately $13.2 million at an average price of $1,826. This aggressive position reversal signals renewed bullish sentiment from large holders, and such whale accumulation often precedes increased volatility and potential price rallies in the short term. Traders should closely monitor on-chain whale activity and spot market flows for ETH price momentum cues (Source: Twitter/@ai_9684xtpa, April 28, 2025).