A crypto trader has caught the eye of on-chain blockchain tracker Lookonchain, moving large amounts of Bitcoin into Ethereum.
A few hours ago, Lookonchain reported that the trader sent about 968 BTC, which is worth $106.44 million into Hyperliquid, a crypto exchange. Then, the token was sold to ETH directly on the spot market.
Before that, the same trader had already sold 1,000 BTC worth around $109 million and used the money to open a large position with 96,452 ETH. In short, the trader is betting on ETH to go higher. The trader did this with a 5x leverage, which is very risky but can also increase his potential profit.
Meanwhile, Lookonchain first took notice of this trader yesterday, Aug, 25, after posting that he received about 100,784 BTC seven years ago. Back then, the BTC was worth $642 million, but today its value has risen to more than $11 billion. This makes him one of the largest early holders of Bitcoin.
In the past five days, this Bitcoin OG has been moving Bitcoin into Hyperliquid and at a fast pace. According to Lookonchain, he has deposited about 22,769 BTC, which is worth $2.59 billion. From these sales, he bought 472,920 ETH on the spot market, valued at $2.22 billion, and also opened another big long position with 135,265 ETH, worth $577 million.
Soon after, he closed 95,053 ETH longs, valued at $450 million, and made more than $33 million in profit. He then bought another 23,575 ETH on the spot market, worth about $108 million. At the same time, he still held 40,212 ETH in long positions, valued at $184 million, with more than $11 million in unrealized profit.
Later, the trader closed another 130,564 ETH longs, worth $612 million, and secured a profit of $42.5 million. After closing, he bought another 33,381 ETH worth $155 million on the spot market. In total, within just six days, the trader has bought about 544,977 ETH, worth $2.55 billion, and staked all of it.
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