A mysterious Bitcoin whale has just made a massive $36 million bet on Ethereum: as the second-largest cryptocurrency by market cap attempts to rebound and derivatives market activity heats up, the investor sold hundreds of Bitcoin to acquire thousands of Ethereum.
On-chain data tracking platform Lookonchain revealed that an anonymous investor sold 410.14 BTC on the decentralized exchange Hyperliquid, valued at approximately $34.16 million.
Subsequently, the whale purchased an additional 14,341 ETH on a decentralized exchange (DEX), worth approximately $36.14 million.
The identity of this whale and its motivations for these actions remain unknown.
On-chain data shows that multiple UBTC (tokenized Bitcoin) tokens were transferred from Hyperunit to addresses associated with this whale.
Additionally, one of the addresses received 874,576 USDC via Hyperliquid’s Bridge2 contract.
Regarding Ethereum, these addresses associated with whales received large amounts of ETH through decentralized exchanges.
For example, one address received approximately 865.07 ETH from the Uniswap V2DutchOrderReactor contract, valued at $2.2 million.
Another wallet address received 827.23 ETH from the same contract, worth approximately $2.1 million.
Over the past 24 hours, Ethereum's price has shown stronger performance relative to Bitcoin.
As these latest buy orders emerge, Ethereum has shown signs of outperforming Bitcoin over the past 24 hours.
As of press time, Ethereum's price is hovering around $2,553, up approximately 1.85%.
In comparison, Bitcoin rose 0.93% during the same period.
However, the price of ETH has still decreased by approximately 6.36% over the past 7 days.
Bullish activity in the Ethereum derivatives market is intensifying.
This major purchase by an Ethereum whale also occurred amid increased activity in the Ethereum derivatives market.
According to CoinGlass data, over the past 24 hours, the trading volume in Ethereum futures markets was approximately $23.15 billion, while spot trading volume amounted to just $1.54 billion.
The open interest in the ETH futures market is approximately $32.06 billion, indicating significant leveraged positions in the market.
Over the past 24 hours, the total liquidation volume for ETH futures positions was approximately $48.12 million.
Notably, the total amount of short positions liquidated reached $38.11 million, while long positions liquidated amounted to only $10 million.