After Seven Years of Inactivity, Crypto Kitty Swapped Bitcoin for 62,914 ETH
The wallet, which had been dormant for seven years, recently became active, selling most of its bitcoin and increasing its Ethereum holdings.
According to analytics company Lookonchain, a crypto wallet that received 100,784 BTC seven years ago recently converted the funds into 62,914 ETH, worth about $270 million. At the same time, a long position in derivatives worth 135,265 ETH ($580 million) was opened.
Analysts at the company suggested that this could be the implementation of a strategy by one user or organization controlling multiple wallets.
We just spotted another one. Bitcoin-whale who sent BTC to Hyperliquid to sell and buy ETH. Network data shows he received 85,947 BTC 7 years ago…
Screenshots from Arkham Intelligence, added as comments to the post, show an influx of funds from exchanges like HTX starting in 2018, followed by an outflow of coins to Hyperliquid hot wallets and subsequent acquisition of ETH.
Lookonchain has found six wallets allegedly linked to the same whale, holding 83,585 BTC worth $9,45 billion. Several long-time Bitcoin holders have stepped up their efforts in recent weeks to move billions of dollars worth of cryptocurrency.
Exchange bitcoins to эфириум comes as the world’s largest cryptocurrency falls to a two-week low of around $112,000, while ETH was moving towards its all-time high of $4878 reached in 2021.
