Ether climbed above $4,880 on Friday, setting a fresh record and extending its outperformance against Bitcoin. The rally pushed the market value of the world’s second-largest cryptocurrency toward $600 billion and sparked heavy activity among large holders and speculators. On-chain data show a long-time Bitcoin investor shifted 300 BTC worth about $34.9 million to decentralized exchange Hyperliquid to increase Ether exposure. The trader now controls a 135,265-ETH leveraged long and 122,226 ETH in spot holdings—together valued near $1.1 billion—and sits on more than $100 million in unrealized gains. Separately, a dormant address moved 3,500 BTC (about $409 million) for the first time in three years, crystallising a $305 million profit. The flows add to evidence of capital rotating from Bitcoin into Ether as traders position for what many describe as an “alt-season.” Illicit actors are also capitalising on the price surge. The hacker who stole $49.5 million from DeFi lender Radiant Capital has more than doubled the takings to over $105 million after buying 4,913 ETH at $4,168 earlier this week and selling most of it at around $4,726. Volatility cut both ways for speculators. One swing trader who sold 2,277 ETH at $4,203 just days ago repurchased 1,966 ETH at $4,869, crystallising a loss of roughly 311 ETH ($1.5 million). High-profile traders James Wynn and AguilaTrades reopened leveraged positions in Ether and Dogecoin, underscoring divergent views on whether the token’s historic run can continue.