A long-dormant cryptocurrency holder who controls 14,837 Bitcoin—currently worth about $1.69 billion—moved back on-chain this week, selling roughly 670 BTC (≈$76 million) through the Hyperliquid derivatives platform and redirecting the proceeds into 68,130 Ether leveraged long positions valued at about $295 million. The wagers were split across four wallets at 10-times and 3-times leverage, with entry prices in the $4,300–$4,333 range. The activity marks a rare rotation from Bitcoin into Ether by a wallet that had been inactive for more than seven years. On-chain data show the address originally withdrew the BTC from centralized exchanges in 2018 at an average cost of roughly $7,242, implying substantial unrealized gains even after the recent sales. Separately, another large holder—identified as address 0x2eA—opened about $282 million of Ether longs across three Hyperliquid accounts. The positions carry liquidation thresholds between $3,699 and $3,732, suggesting the trader is betting on a rebound after the market’s mid-week pullback. The twin moves add nearly $600 million in fresh leveraged exposure to Ether on Hyperliquid, underscoring rising whale-size conviction in the token. While the bets amplify potential upside, the high leverage also leaves both traders vulnerable to sharp price swings should Ether fall toward their liquidation levels.