Whale Closes $295M ETH Long, Buys Spot ETH With $114M in BTC

An early Bitcoin whale has reshaped market activity with a major Ethereum shift. On-chain data shows the trader closed a $295 million ETH long position and switched to spot purchases. The move followed significant Bitcoin transfers to trading platform Hyperliquid. In the past 20 hours, the whale sold 670.1 BTC worth $76 million and used the proceeds to go long on Ethereum. At one point, the total leveraged position stood at 68,130 ETH across four wallets.

Spot Buys Replace Risky Leverage

Leverage had amplified the exposure but also the risk. By Thursday afternoon, the whale began closing the large ETH long. Instead, he redirected capital toward spot buying. Within six hours, the whale deposited another 1,000 BTC valued at $113.95 million to Hyperliquid. That capital funded the purchase of 19,794 ETH, worth about $85 million at current prices. The move indicates a preference for direct accumulation rather than high-risk derivatives trading. Analysts note that the whale’s actions highlight growing caution among major holders. Spot buying provides ownership without the liquidation risk tied to perpetual contracts.

Bitcoin Roots of the Whale

On-chain history identifies this trader as a Bitcoin OG. Records show he received 14,837 BTC seven years ago from exchanges HTX and Binance. At that time, Bitcoin was trading around $7,242, valuing the holdings at $107.5 million. Today, the same stash is worth nearly $1.69 billion. The whale has been moving sizable Bitcoin amounts to Hyperliquid throughout the week. Transfers of 200 BTC batches, each worth over $22 million, were recorded multiple times in the past 24 hours. Additional inflows of 110 BTC and 10 BTC were also tracked. These transactions suggest active portfolio adjustments ahead of Ethereum positioning.

Market Signals and Outlook

The shift from leverage to spot purchases may signal a longer-term bet on Ethereum. It reflects confidence in ETH’s fundamentals while avoiding the volatility that wiped out many leveraged traders in recent months. For the broader market, whale activity often serves as a directional indicator. With a figure of this scale reallocating capital into Ethereum, traders are watching closely for follow-through demand. As liquidity deepens on platforms like Hyperliquid, the actions of early adopters continue to shape crypto market sentiment.