A high-profile crypto trader has drawn attention after shifting massive amounts of Bitcoin into Ethereum on the exchange Hyperliquid, signalling a strong bet on ETH’s future.
On-chain analytics platform Lookonchain revealed that the trader recently transferred 968 BTC, valued at roughly $106 million, into Hyperliquid before swapping it directly for ETH on the spot market. This move came shortly after another transaction where the same trader sold 1,000 BTC, worth about $109 million, to purchase 96,452 ETH with 5x leverage — a strategy that carries significant risk but also the potential for outsized gains.
Lookonchain first flagged this individual on August 25, noting that he had received over 100,000 BTC more than seven years ago. At the time, that stash was worth $642 million, but today its value has ballooned to over $11 billion, marking him as one of Bitcoin’s largest early holders.
Over the past week, the trader has been actively converting BTC into ETH. Data shows he has deposited about 22,769 BTC — valued at $2.59 billion — into Hyperliquid. From these transactions, he acquired around 472,920 ETH on the spot market, worth $2.22 billion, and also opened leveraged long positions totalling 135,265 ETH, valued at $577 million.
Some of those positions have already been closed at a profit. For instance, the trader exited 95,053 ETH longs for $450 million, realising about $33 million in gains. He then reinvested by purchasing 23,575 ETH for $108 million. Later, he closed another 130,564 ETH longs worth $612 million, pocketing an additional $42.5 million profit, before buying 33,381 ETH on the spot market for $155 million.
In just six days, this Bitcoin veteran has accumulated roughly 545,000 ETH, valued at $2.55 billion, and staked the entire haul — underscoring his conviction that Ethereum is poised for growth.
