OG Whale Bitcoin Flash Drop via $2B BTC→ETH Swap
On August 25, an OG whale triggered a Bitcoin flash drop of over 2% in nine minutes. It sold about 18,142 BTC (≈$2B) on Hyperliquid, converting to 416,598 ETH. The sudden BTC→ETH swap created a liquidity squeeze and cascading sell orders. The Bitcoin flash drop drove BTC from $114,666 to $112,174 and pushed ETH down by about 4%. The whale’s 551,861 ETH leveraged longs and their closure amplified the crash. It also staked ~275,500 ETH, signaling a long-term pivot to Ethereum. Traders should monitor on-chain flows, concentrated supply movements, and derivatives exposure as key signals for short-term volatility and market stability.
Bearish
The rapid BTC→ETH swap by an OG whale and closure of large leveraged ETH longs led to a liquidity squeeze and cascading sell orders that drove a flash drop of over 2% in BTC. This sequence created immediate selling pressure and heightens short-term downside risk for Bitcoin. Continued whale rotations and derivatives liquidations suggest further volatility and potential bearish trend. While stakeholders may adjust positions, the concentrated supply outflows and leveraged exposure heighten the likelihood of ongoing BTC price declines.