$BTC Whale Moves $113M Into ETH$ETH Position on Hyperliquid

A mysterious BTC$BTC whale has continued rotating funds into ETH$ETH after seven years of dormancy, selling another $113 million worth of Bitcoin on decentralized exchange Hyperliquid. The whale now holds over $240 million in spot ETH$ETH and maintains $34 million in BTC$BTC on the platform.

The large investor initially opened a $295 million ETH$ETH perpetual futures position before closing part of it to enter the spot market. According to on-chain analyst MLM, the whale's execution appeared "sloppy and rushed," raising questions about whether insider information or pure speculation drove the move.

The rotation began as BTC$BTC dipped near $112,000, with analysts citing rising market nerves ahead of Federal Reserve Chair Jerome Powell's upcoming remarks. The whale's initial $76 million sale caused a 2% price drop on Hyperliquid, highlighting potential #liquidity depth issues on the exchange.

#Hyperliquid has emerged as the sixth-largest derivatives exchange globally with over $12 billion in 24-hour open interest, capturing 35% of all blockchain revenue in July, according to VanEck researchers. The platform's aggressive listing strategy and user-friendly interface have driven significant #DeFi growth.