A Bitcoin whale converted over $118 million into Ethereum while retaining nearly $90 million in BTC on Hyperliquid, signaling a potential shift in large-scale portfolio strategy.
On August 23, a Bitcoin whale converted 1,020 BTC worth $118 million into Ethereum, according to monitoring by Mlm. The whale still holds 777 BTC valued at $89.5 million on Hyperliquid, possibly awaiting conversion into ETH. Previously, the address ‘bc1qgf’ accumulated 1,841.2 BTC worth $216 million at an average price of $117,310 per coin, reflecting ongoing whale activity in the crypto market.