According to @ai_9684xtpa, a seven-year dormant BTC whale has rotated into ETH via Hyperliquid, swapping part of holdings for 71,108 ETH valued at $304 million, source: @ai_9684xtpa on X, Aug 22, 2025. According to @ai_9684xtpa, the same entity opened $578 million of ETH longs across five addresses, totaling 135,265 ETH with an unrealized loss of $2.13 million, source: @ai_9684xtpa on X, Aug 22, 2025. Based on the same figures, the implied average long entry is about $4,274 per ETH and the spot swap implies roughly $4,275 per ETH, offering traders concrete reference levels, source: calculation derived from @ai_9684xtpa on X, Aug 22, 2025. According to @ai_9684xtpa, converting 85,859 BTC could buy enough ETH to top the on-chain holder leaderboard and surpass BMNR, source: @ai_9684xtpa on X, Aug 22, 2025.

According to @EmberCN, a whale/institution that held 10,606 BTC for 7 years with $1.12B in profits has begun rotating from BTC to ETH, selling 3,100 BTC worth $348M so far, source: @EmberCN, X, Aug 22, 2025. According to @EmberCN, the entity bought 50,522 ETH spot worth $213M and opened a 135,000 ETH long using $120M margin for $571M notional, implying roughly 5x leverage, source: @EmberCN, X, Aug 22, 2025. According to @EmberCN, based on these figures the wallet now holds approximately $784M gross long ETH exposure (spot plus derivatives) against $348M BTC net selling to date, indicating an ETH-over-BTC positioning tilt by this participant, source: @EmberCN, X, Aug 22, 2025.

According to @ai_9684xtpa, a whale who built a $20.08 million ETH position at a $3,958 average on 07.28 has rotated the stack into WBTC (source: @ai_9684xtpa on X). According to @ai_9684xtpa, during yesterday’s drop the wallet sold 1,200 ETH at $4,147.86 for roughly $4.97 million, realizing a profit of about $228,000 on that tranche (source: @ai_9684xtpa on X). According to @ai_9684xtpa, the remaining 3,900 ETH were swapped two hours before the post into 143.26 WBTC, with the ETH sell price at $4,169 and the WBTC buy price at $113,493, implying roughly $16.26 million notional (source: @ai_9684xtpa on X). According to @ai_9684xtpa, this flow totals 5,100 ETH unwound from ETH into BTC exposure via WBTC, with an approximate gross notional of $21.24 million based on the reported sale prices, and the wallet address is provided in the source for on-chain verification (source: @ai_9684xtpa on X). According to @ai_9684xtpa, these on-chain moves reflect direct ETH-to-BTC rotation in spot terms, a data point that traders tracking ETH/BTC flow and liquidity can monitor in real time (source: @ai_9684xtpa on X).