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$11B Asian Crypto Whale Pivots to Ethereum!
An anonymous Asian crypto whale sells 100,784 BTC for Ethereum on Hyperliquid, signaling a possible paradigm shift.
$11B Asian Crypto Whale Pivots to Ethereum!
An anonymous Asian crypto whale is among the most notable players in the current crypto market, owning 100,784 Bitcoin worth $11 billion. This amount represents 0.48% of the total Bitcoin supply of 21 million BTC. It is also worth noting that the whale is among the 250 richest people in the world and could influence the dynamics in the Ethereum market through his recent actions. According to reports from investx.fr He exchanged around 0.14% of the Bitcoin supply (around 29,400 BTC) into Ethereum, which is equivalent to around 750,000 ETH.
This transaction took place on the Hyperliquid decentralized trading platform, known for its high liquidity and ability to manage large volumes. The whale's Asian origins underscore the region's growing role in the crypto ecosystem. Hyperliquid is considered a reference for institutional transactions and could, according to the observations of dailyhodl.com lead to a paradigm shift in the perception of Bitcoin and Ethereum.
Sales and purchases of a whale
In the last five days, nearly 22,769 BTC worth $2.59 billion were deposited to the Hyperliquid sales platform. The whale is also reported to have acquired almost 473,000 ETH and opened a long position on Ethereum. The buying process reflects increasing interest from wealthy investors, indicating the upcoming altcoin season.
The timing of this rotation coincides with upcoming catalysts for Ethereum, such as network updates and potential ETFs. These on-chain indicators show positive developments for Ethereum, including an increase in staking and the growth of DeFi as well as the adoption of Layer 2 technologies. The interaction between Bitcoin and Ethereum could now become more significant, and the ETH/BTC ratio could start an uptrend if more institutions follow suit.
Market dynamics and long positions
At current prices, Bitcoin and Ethereum are currently trading at $112,258 and $4,615, down 2% and 3.9% respectively in the last 24 hours. The Asian whale's willingness to buy seems to be a sign of positive market development. Other crypto whales have also opened large long positions on altcoins including ETH, HYPE (Hyperliquid's token), LINK (Chainlink), AAVE and MKR (Maker).
The behavior of these investors could be seen as a signpost for the coming changes in the crypto market, as the whale with the address '0x4174' deposits 5.45 million USDC in Hyperliquid and opens long positions on ETH (20x), BTC (40x), HYPE (10x), LINK (10x), AAVE (10x) and MKR (10x). The HYPE token, currently trading at $45.80, is already experiencing a 3.7% increase in the last 24 hours.