Recently, a crypto trader caught the attention of the blockchain analyzing service Lookonchain by moving large amounts of Bitcoin into Ethereum.
Bitcoin Transfer to Hyperliquid
According to Lookonchain's report, the trader recently transferred about 968 BTC, worth $106.44 million, to the crypto exchange Hyperliquid. The Bitcoin was then sold for ETH directly on the spot market.
Trader's Strategy with Ethereum
Previously, this trader had already sold 1,000 BTC for approximately $109 million and used the proceeds to open a large position with 96,452 ETH. The trader is betting on ETH's price increase, utilizing a 5x leverage, which is risky but may boost potential profits.
Financial Results of Trading Operations
In the past five days, this trader has been swiftly moving Bitcoin into Hyperliquid. Lookonchain reports that he has deposited about 22,769 BTC, worth $2.59 billion. From these sales, he bought 472,920 ETH on the spot market valued at $2.22 billion and opened another significant long position with 135,265 ETH, worth $577 million.
Thus, in just six days, the trader has purchased approximately 544,977 ETH, equivalent to $2.55 billion, while continuing to engage actively in trading.
