According to Michaël van de Poppe on X (Oct 15, 2025), ETH/BTC has only just begun its move, noting a first uptick similar to 2019 and indicating he expects significantly more upside in the ratio (source: Michaël van de Poppe on X, Oct 15, 2025). The post does not include specific price levels, targets, or timeframe for ETH/BTC, focusing solely on the directional view (source: Michaël van de Poppe on X, Oct 15, 2025).

According to @OnchainLens, a Bitcoin OG deposited 1,000 BTC (valued at $108.08M) into HyperLiquid to sell for ETH in a Sep 1, 2025 update. According to @OnchainLens, the same entity yesterday deposited 4,000 BTC (valued at $435.3M) into HyperLiquid and executed a sale for 96,859 ETH. Based on @OnchainLens-reported figures, the executed trade implies an average rate of ~24.21 ETH per BTC and an implied ETH price of roughly $4,494 given the $435.3M notional and 96,859 ETH received. According to @OnchainLens, the latest 1,000 BTC is a deposit to sell, while the prior 4,000 BTC trade has been executed, bringing the two-day BTC-to-ETH rotation to about $543.38M by reported values.