Whale Deposits $147M BTC on Hyperliquid to Swap for ETH
On August 24, Onchain Lens tracked a Bitcoin whale deposit of 1,276 BTC (approximately $147 million) to the Hyperliquid trading platform. The whale executed the deposit to swap BTC for ETH, reflecting a strategic reallocation. Following the swap, the whale’s Ethereum holdings reached 221,600 ETH, valued at about $1.06 billion. This whale activity underscores growing interest in ETH and highlights Hyperliquid’s liquidity for large-scale swaps. Traders may view this move as a bullish indicator for ETH, given the significant capital shift from BTC to Ethereum.
Bullish
A major whale shifting $147M from BTC to ETH on Hyperliquid suggests growing confidence in Ethereum. Such large-scale swaps often precede price moves. The deposit could intensify sell-side BTC pressure and buy-side ETH demand in the short term, while indicating a longer-term trend of asset diversification into ETH. Historically, whale-driven reallocations have led to bullish ETH momentum.