Bitcoin OG Moves $34M to Hyperliquid to Buy More ETH

• Bitcoin OG deposits 300 BTC ($34.86M) to Hyperliquid
• Holding $581M in ETH long positions, up $58M
• Recently bought $535M in spot ETH, up $42M

A well-known Bitcoin OG is back in the spotlight after making another major move in the crypto market. This time, he transferred 300 BTC, worth approximately $34.86 million, to the Hyperliquid exchange just an hour ago. The goal? To exchange that BTC for more Ethereum.

This isn’t just a random trade. The crypto veteran is doubling down on ETH—and it’s already paying off big time.

Massive Unrealized Gains from ETH Positions

According to on-chain data, the trader is currently holding a massive long position on Ethereum: 135,265 ETH valued at around $581 million. His average entry price is $4,295, and he’s already sitting on $58 million in unrealized gains from this long.

But that’s not all. He also scooped up 122,226 ETH on spot markets, worth about $535 million. With an average purchase price of $4,377, he’s up another $42 million on that position. Combined, he’s looking at more than $100 million in unrealized profits—clearly showing strong conviction in ETH’s future.

What This Means for the Market

This trader’s aggressive ETH accumulation suggests a bullish outlook for Ethereum in the short to medium term. Moves of this size by seasoned OGs often spark interest across the market, especially when they’re not taking profits but rather adding to their positions.

With ETH prices on the rise and confidence from big players increasing, retail and institutional investors alike are watching closely. Whether this strategy will pay off in full remains to be seen—but for now, the Bitcoin OG is deep in the green.

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