An anonymous cryptocurrency whale has executed a large cross-asset rotation, selling 410.14 BTC worth roughly $34.16 million on the decentralized trading protocol Hyperliquid and then buying 14,341 ETH valued at approximately $36.14 million through decentralized exchanges.
Blockchain tracking service Lookonchain flagged the activity, noting multiple transfers of tokenized Bitcoin (UBTC) from Hyperunit to whale-linked addresses. One address also received 874,576 USDC through Hyperliquid's Bridge2 contract. On the Ethereum side, the whale received about 865.07 ETH worth $2.2 million from Uniswap's V2DutchOrderReactor contract, while another wallet took in 827.23 ETH worth around $2.1 million from the same contract.
The moves come as Ethereum shows signs of outperforming Bitcoin. At the time of reporting, ETH was trading near $2,553, up about 1.85% over 24 hours, while BTC was up 0.93%. Ethereum remains down roughly 6.36% over the past seven days.
Ethereum derivatives activity has also picked up. CoinGlass data shows ETH futures volume of about $23.15 billion in 24 hours, compared with only $1.54 billion in spot volume. Open interest stood near $32.06 billion, and total liquidations reached $48.12 million, with short liquidations accounting for $38.11 million versus $10 million in long liquidations.
The whale's identity and exact motive remain unknown, but the transaction underscores how large investors are repositioning between Bitcoin and Ethereum amid mixed market conditions and rising leveraged activity.
