A prominent Bitcoin whale, holding 14,837 BTC valued at approximately $1.69 billion, has been actively selling Bitcoin and reallocating funds into Ethereum positions over the past several days. Initially, the whale sold around 670 BTC worth $76 million on the Hyperliquid exchange and opened leveraged long positions totaling 68,130 ETH valued at $295 million across four wallets, using 10x and 3x leverage. Subsequently, the whale increased activity by depositing an additional 1,000 BTC (about $114 million) to purchase 19,794 ETH spot valued at $85 million. The whale also created a new wallet, depositing $20 million in USDC to open 6x leveraged long positions on Ethereum, bringing total ETH long positions to 78,265 ETH valued at $334 million across five wallets. Over the last 24 hours, the whale has sold a total of approximately 3,100 BTC worth $348 million, purchasing 50,522 ETH spot valued at $213 million and opening margin long positions on 135,265 ETH valued at $577 million, with an overall leverage of 5x. Market observers note that the whale’s actions have coincided with a roughly 20% surge in Ethereum prices this month. Meanwhile, other traders have also engaged in high-leverage positions, including a new participant opening 40x BTC and 3x YZY longs. Experts caution that leveraged perpetual contracts carry substantial risk. This large-scale shift from Bitcoin to Ethereum by a long-term holder is seen as a notable market development.