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A long-winding Bitcoin “OG” has played billions of dollars at BTC in ETH over the past two weeks, performed the majority of transactions on hyperliquid and withdraw large tranches from ETH into self-coasts.
Bitcoin OG Whale is still running in ETH
On the chain of Speechneut “MLM” described The streams in real time. In the most recent 46 -hour window, the address cluster sold with the trader sold 7,000 BTC (≈ $ 759 million against reference prices used by MLM) and bought 171,791.84 ETH (≈ $ 773 million).
MLM added that 3,000 BTC in the actively used source address remained – probably reserved for further rotation – while two older portfolios still had a combined 46,816 BTC (≈ $ 5.07 billion). During the past 11 days, MLM 34,110 BTC came (≈ $ 3.7 billion) and 813,298.84 ETH purchased (≈ $ 3.66 billion), using $ 108,400 per BTC and $ 4,500 per ETH as basic prices for comparability.
The implementation location has become part of the story. Hyperliquid’s Public Explorer (Hypurrscan) shows heavy activity on the Hyperliquid account quoted by MLM, corresponding to phased BTC deposits and batch -eth -recordings. “Moonoverlord” – a trader – played the mystery around the choice of the location: “Idk why it’s bizarre? It’s an exchange, he chose the best location.” MLM replied that the peculiarity is not the platform, but that “the identity of this person is unknown and he decided to exchange such a large amount of BTC to ETH, which is unusual for an ‘OG’ Bitcoinwalvis.”
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Arkham -Intelligence Independent marked The same entity, which writes: “This whale has just bought $ 430 million ETH – and still has $ 650 million left to buy,” and identifying specific addresses on both chains. According to Arkham, the whale “bought more than $ 3 billion in ETH and used it in total”, with streams that connect a BTC source portion that starts with “169q …” and an ETH receiver “0x6167 …”.
Those stealing claims are now visible on the chain. On 1 September the financing flows of 0x6167 … led to a “beacon deposit” account that has submitted a series of deposit transactions of a total of 165.010 ETH to the deportation contract of Etheum, with dozens of 30,000 ETH-Sized and 15.010 ETH-Sized calls are placed within the same hour. The deposit contract display and the financing path of 0x6167 … confirm that a considerable part of the newly acquired ETH has been moved directly to use.
On the Bitcoin side, the active source wallet “169q …” and two long-term companion portfolios “17mwd …” and “12xqe …” Anchor the cluster that MLM has been following since last week. Mempool records show recent interwallet activity and outputs of 169q … consistent with the staged deposits for hyperliquid described in the thread.
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The origin of the trader is still speculative. MLM argues that the entity is’ presumably Asian ‘, and notes that the original BTC was collected seven to eight years ago via Asia-linked platforms and miners-‘htx, OKX, VIBTC (a mining pool), Bixin (a miner) and Binance.’ But MLM warned readers not to interpret the intention: “Of course, do not take this prediction as financial advice, because it is all speculation for the time being and we do not know the intentions of this whale.”
$ 5 billion sale is still looming
While commentators debate about motifs, the mechanics are clear: staged BTC financing to a single trading location, piece of ETH fillings to minimize slips, rapid withdrawal to self-coast and a rapid conversion from a large part to Staked ETH. The cadence of deposits and recordings – some clustered during the weekend – also lines with timing observations in the logs of MLM and the updates of Arkham.
What remains uncertain is how much the rotation will go. The current ledger of MLM suggested that at least a few thousand BTC were still ready to move: “Moreover, there is a combined 46,816 BTC ($ 5.07 billion) about this wallet: 17mwd [and] 12xqeq. Of this, another 14,495 BTC ($ 1.57 billion) can be played on the basis of earlier activity, although it is unclear what will happen with the remaining 32,321 BTC ($ 3.5b). At the moment it seems that he rotates everything. ‘
At the time of the press, BTC traded at $ 109,621.
Featured image made with dall.e, graph of tradingview.com
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