COINOTAG reported on August 23 that Mlm Monitor identified an on-chain conversion by a Bitcoin whale, transferring 1,020 BTC (roughly $118 million) into ETH. Blockchain records indicate the same wallet retains 777 BTC (about $89.5 million) on the Hyperliquid venue, as captured by the monitoring service.
On-chain analytics firms treat such sizable transfers as material data points for liquidity and portfolio allocation analysis; the documented movement is verifiable on-chain and provides concrete flow information for researchers and traders observing whale activity and cross-asset conversion patterns.