This week, a group of whale wallets sold 72 BTC and used the proceeds to open a 20x leveraged long position on 12,000 ETH on the Hyperliquid exchange. The move signals a clear rotation from Bitcoin to Ethereum among large holders, according to on-chain data tracked by multiple analytics platforms.
The trade details
The wallets first offloaded 72 BTC — a significant chunk that would have taken days to execute without moving the market. Shortly after, they opened a leveraged long on 12,000 ETH on Hyperliquid, a derivatives platform known for its high-leverage perpetuals. The position is 20x, meaning a 5% move against them would wipe out the collateral.
What the shift means
Rotations of this size from BTC to ETH are rare. They suggest the whales see more upside in Ethereum relative to Bitcoin in the near term. The timing is notable: Ethereum has been gaining traction with recent network upgrades and growing DeFi activity, while Bitcoin has struggled to break out of its range.
Hyperliquid in focus
Hyperliquid has become a go-to venue for large leveraged bets. The exchange's order book depth and low fees attract whale-sized positions. This trade adds to a pattern of big money using Hyperliquid for directional plays rather than spot accumulation.
The whales' next move is unclear, but the position is now live and will be closely watched for liquidation levels. If Ethereum continues its recent uptrend, the trade could pay off handsomely. If not, the leverage cuts both ways.
