Bitcoin OG Whale Deposits 968 BTC into Hyperliquid to Buy ETH Spot
On August 26, Lookonchain data revealed that a Bitcoin OG whale transferred 968 BTC (approximately $106 million) to Hyperliquid, depositing funds 30 minutes prior to the report. The whale is selling Bitcoin to execute spot purchases of Ethereum, signaling renewed bullish sentiment for ETH. By reallocating nearly 1,000 BTC into ETH via Hyperliquid’s platform, the whale may drive short-term ETH demand and increased volatility. Traders should watch Ethereum’s price action closely, as large-scale spot buying could trigger a rally, while Bitcoin supply on exchanges may rise, exerting mild pressure on BTC prices.
Bullish
The large transfer of 968 BTC into Hyperliquid for Ethereum spot purchases suggests a strategic rotation from BTC to ETH by a major whale. Historically, similar whale-driven spot buys have preceded sharp ETH rallies—most notably in early 2021 when top holders reallocated Bitcoin into Ethereum ahead of DeFi growth. In the short term, this move can boost ETH demand and price, while slightly increasing BTC sell-pressure as coins shift to trading venues. Over the long term, recurring whale interest in ETH spot accumulation underscores growing confidence in Ethereum’s fundamentals, further supporting a bullish outlook for ETH.