Whale 0x3E38 Makes Massive Move with 475 WBTC Purchase and 10x Leveraged BTC Long on Hyperliquid

On July 23, blockchain analytics platform Lookonchain reported a significant transaction involving the whale wallet 0x3E38, which acquired 475 Wrapped Bitcoin (WBTC), valued at approximately US$56 million, at an average cost of US$115,733 per WBTC. This strategic move included leveraging a long position on Bitcoin by utilizing borrowed funds from the decentralized lending protocol Aave. Additionally, the same entity established a 434.6 BTC long position on the Hyperliquid exchange, employing a 10x leverage, amounting to roughly US$51.6 million. These transactions highlight the growing trend of large-scale investors using decentralized finance (DeFi) platforms to amplify exposure to Bitcoin, reflecting sophisticated risk management and capital allocation strategies within the crypto market.