Overview

• Lookonchain reports a long-dormant holder who received 100,784 BTC resurfaced, buying 62,914 ETH spot and opening a 135,265 ETH long.
• Follow-up activity shows 3,142 BTC sold over two days to fund another 55,039 ETH in spot purchases and additional leveraged longs on Hyperliquid.
• The flows moved through Hyperliquid via BTC deposits, sales, and multi-wallet ETH longs, with platform data indicating several positions show unrealized gains.
• Lookonchain also flagged a wallet with prior receipts of 85,947 BTC exhibiting the same pattern, suggesting the wallets may be controlled by one entity.
• Market commentators point to ETH’s relative strength versus BTC and caution that Powell’s Jackson Hole remarks could trigger volatility that tests these leveraged bets.