Trader dumps $46M in Bitcoin for rival

A crypto whale appears to be shifting a large portion of its portfolio from Bitcoin into Ethereum.

According to blockchain analytics platform Lookonchain, 11 newly created wallets suspected to belong to the same whale, sold 602 BTC and bought 18,780 ETH on Hyperliquid over the past three days. Both sides of the transactions were worth roughly $45.83 million, indicating a large-scale portfolio rebalancing.

At press time, Bitcoin was trading around $81,001, up nearly 5.5% over the past 24 hours, while Ether was around $2,594, gaining about 5%.

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Whale moves into ETH as crypto market rebounds

The transactions were carried out across multiple wallets rather than a single address. Onchain data shows the wallets repeatedly moved BTC and ETH through Hyperliquid, a decentralized trading platform, as part of the apparent rotation.

A whale is typically an individual or entity holding a large cryptocurrency position. Large transactions from such wallets can attract attention because they may affect market liquidity and signal changes in how a major investor is positioning.

The whale's move comes as the broader crypto market rebounds and U.S. regulators continue advancing crypto-related initiatives.