Bitcoin Whale Appears to Swap $216M in BTC for Ethereum as On-Chain Data Suggests Continued ETH Buying

• 2,000 BTC (~$216M) converted to 42,750+ ETH via Hyperliquid/Hyperunit

• Trades executed in micro-sells (1–1.5 BTC per batch) to buy ETH; strategy repeated across two 1,000 BTC deposits.

• On-chain analytics firm Arkham Intelligence links the address to wallets holding roughly $5 billion in BTC and reports prior multi-billion ETH purchases.

Bitcoin whale swaps BTC for ETH: 2,000 BTC (~$216M) converted to 42,750+ ETH on Hyperliquid. Read on-chain analysis and market impact now.

What happened when a Bitcoin whale swapped BTC for ETH?

Bitcoin whale swaps BTC for ETH after depositing 2,000 BTC in two batches to Hyperliquid/Hyperunit and selling incrementally into Ethereum. The wallet bought small amounts of ETH—often converting 1–1.5 BTC at a time—until more than 42,750 ETH was acquired and subsequently transferred out.

How did the whale execute the swaps and what on-chain data confirms it?

On-chain data from a network block explorer identified an address ending in “eCb43” receiving two deposits of 1,000 BTC each. The address sold BTC in methodical micro-batches and purchased ETH repeatedly until BTC holdings were exhausted.

On-chain analytics firm Arkham Intelligence publicly linked the address to related wallets collectively holding roughly $5 billion in BTC and noted recent large ETH purchases. Arkham posted that the same whale moved $1.1 billion of BTC to a new wallet and was buying ETH through Hyperunit and Hyperliquid.

How large were the trades and what totals moved?

The whale deposited 2,000 BTC—valued at approximately $216 million at the time—and ended up with more than 42,750 ETH after sequential BTC-to-ETH swaps. The initial two 1,000 BTC deposits arrived within hours of each other, and trades were executed primarily in 1–1.5 BTC increments.

How can analysts track similar whale BTC→ETH conversions?

1. Monitor block explorers and token bridges (Hyperunit) for large native-token deposits to trading platforms.
2. Follow on-chain analytics outputs (wallet clustering, flow analysis) that link addresses to known holders.
3. Watch for patterns: repeated micro-sells and consolidated ETH withdrawals indicate accumulation strategies.

Frequently Asked Questions

Why did the whale use micro-sells instead of one large trade?

Micro-sells reduce market impact and slippage, allowing accumulation of ETH at better average prices. This approach also obscures intent and timing compared with a single large sell order.

What firms reported or analyzed the move?

On-chain insights came from a network block explorer and public reporting by Arkham Intelligence, which identified the wallet and linked it to broader BTC holdings. These sources are cited here as plain text for verification.

Price and market snapshot

Key Takeaways

• Large conversion: 2,000 BTC (~$216M) was methodically swapped into ETH, yielding 42,750+ ETH.
• On-chain confirmation: Block explorer data and Arkham Intelligence linked the activity to wallets with approximately $5B in BTC holdings.
• Market impact: Trades were executed in small batches to limit slippage; BTC and ETH were both trading roughly 4% lower on the day.

Conclusion

This on-chain event shows a significant Bitcoin holder executing a coordinated BTC-to-ETH accumulation strategy via Hyperliquid/Hyperunit. The move—confirmed by block explorer records and Arkham Intelligence—adds to a pattern of whales reallocating between top crypto assets. Monitor on-chain analytics and orderbook depth for immediate market signals and potential follow-on flows.