A certain Bitcoin OG exchanged BTC for ETH: Hyperliquid purchased 19,800 ETH in spot trading and also deposited 22,300 ETH into Aave.

Switching from leveraged long to spot buying is a genuine “style shift” with real money.

My view: This is not merely a gamble, but a combination of “BTC→ETH rotation + earning fees.” Observation points: The pain point of ETH options at 4250 and the continued outflow from spot ETFs. If the funds can withstand these two hurdles, ETH may usher in its own “small climax.”