Bitcoin Ancient Whale Deposits 5,000 BTC to Hyperliquid to Swap for ETH, Now Holding 179,498 ETH (~$8.5B)

According to COINOTAG on August 24, a longstanding Bitcoin whale deposited 5,000 BTC into Hyperliquid, a move reported as intended for conversion into ETH. The transaction value was cited at approximately $5.7467 billion, underscoring meaningful on‑chain transfer activity involving a major holder.

Post‑transaction filings indicate the entity now holds about 179,498 ETH (roughly $8.505 billion) and maintains a leveraged long position of 135,265 ETH (around $6.4092 billion). These figures point to substantial net exposure to ETH on both spot and derivatives venues.

Market observers note such concentrated reallocations can affect liquidity dynamics and counterparty risk profiles on platforms like Hyperliquid, while also serving as a clear data point for institutional positioning within the crypto ecosystem.