Whale dumping 2.6 billion dollars in Bitcoin triggers an ETH buying frenzy! Hyperliquid volume hits a new high.

The crypto market experienced a thrilling capital shift over the weekend—an early Bitcoin (BTC) whale sold off 2.6 billion dollars in BTC within just five days, shifting to a Heavy Position in Ethereum (ETH), directly pushing BTC to a more than one-month low, while simultaneously igniting a trading frenzy on the decentralized exchange Hyperliquid.

Bitcoin has dropped to its lowest point since early July

Bitcoin reported at $108,950 on August 26, dropping more than 3% in a single day, marking a new low since early July. A week ago, driven by expectations of a Federal Reserve rate cut in September, BTC briefly surged to $117,000. However, the dumping from a veteran Whale that had accumulated over 100,000 BTC seven years ago completely reversed market sentiment.

Whales are massively swapping positions ETH: 2.6 billion USD BTC → 2.2 billion USD ETH

(Source: Lookonchain)

According to the Lookonchain report, the Whale has in the past five days:

1. Deposit 22,900 BTC (approximately 2.6 billion USD) into Hyperliquid.

2. Subsequently, purchased 473,000 ETH (approximately 2.2 billion USD) and established a Heavy Position.

3. Closed a long position of over 95,000 ETH at an average price of $4,735, realizing a profit of $33 million.

4. Reinvest part of the profit funds into ETH spot, adding 23,500 ETH (approximately 108 million USD)

5. Currently holding over 40,000 ETH in open long positions, with an unrealized profit exceeding 11 million USD.

Hyperliquid trading volume surges, surpassing several centralized exchanges

This wave of capital turnover directly boosted the trading activity of Hyperliquid:

The 24-hour spot trading volume reached 3.4 billion USD, ranking second in the global BTC spot market.

The daily BTC trading volume reached 1.5 billion USD, surpassing the total of Coinbase + Bybit, and approaching Binance's BTC/USDT trading volume.

Daily trading fee revenue exceeds 4.7 million USD, of which nearly 1.9 million USD is used to repurchase the platform token HYPE.

Market Impact and Subsequent Observation

BTC Technical Analysis: Short-term break below key support, need to pay attention to the defense situation at 110,000 USD.

ETH Technical Analysis: Whale Accumulation and Market FOMO Sentiment May Drive Prices to Challenge the $4,800 Resistance

Capital flow: This repositioning indicates that some long-term BTC holders are actively seeking high volatility and short-term profit opportunities in ETH.

Conclusion

The $2.6 billion BTC → ETH swap led by a Whale has not only reshaped the market landscape over the weekend but also made Hyperliquid the biggest winner in trading volume. In the short term, BTC may continue to face pressure, while bullish sentiment for ETH could extend into the middle of this week. Investors need to closely monitor the Whale's subsequent moves and the flow of market funds, as this could determine the direction of the next wave of market trends.