According to Onchain Lens, a whale swapped 323.26 BTC worth 31.15 million USD for 9,240.6 ETH, bringing the two-day total to 686 BTC worth 65.16 million USD exchanged for 19,631 ETH via ThorChain at a stated price of 3,319 USD per ETH, source: Onchain Lens. The earlier tranche was 363 BTC worth 34 million USD for 10,390.5 ETH at 3,273 USD per ETH, while the latest tranche implies about 3,370 USD per ETH based on 31.15 million USD for 9,240.6 ETH, sources: Onchain Lens and calculations from Onchain Lens figures. The swaps route through ThorChain address 0xF73a4EbC3d0984F166AC215471Cc895cB4F5cc21, which can be reviewed on the ThorChain explorer and Arkham Intel for transaction activity confirmation, sources: ThorChain explorer address 0xF73a4EbC3d0984F166AC215471Cc895cB4F5cc21 and Arkham Intel explorer for the same address. This flow represents net on-chain selling of 686 BTC and net purchase of 19,631 ETH, providing concrete BTC-to-ETH flow data relevant for ETH BTC pair monitoring and liquidity tracking, sources: Onchain Lens and ThorChain explorer address 0xF73a4EbC3d0984F166AC215471Cc895cB4F5cc21.

According to @lookonchain, a whale exchanged 1,466 BTC valued around USD 132M now for 43,649 ETH valued around USD 139M now over the past 16 days, indicating a large BTC to ETH rotation based on on-chain traces (source: https://twitter.com/lookonchain/status/1998973903436394743). The swaps are traceable via the THORChain swap address 0x9F619C4F0E0519ead0aA4F35ceA7aF313D35A87c (source: https://thorchain.net/address/0x9F619C4F0E0519ead0aA4F35ceA7aF313D35A87c). Related wallet activity is visible on Arkham Intelligence at 0x9F619C4F0E0519ead0aA4F35ceA7aF313D35A87c and 0x7Cb55E2503877fb46d8b30ff6Bb4735Ffcc17dfc (source: https://intel.arkm.com/explorer/address/0x9F619C4F0E0519ead0aA4F35ceA7aF313D35A87c and https://intel.arkm.com/explorer/address/0x7Cb55E2503877fb46d8b30ff6Bb4735Ffcc17dfc). Based on the reported unit counts, the flow implies roughly 29.8 ETH per BTC and a combined current notional near USD 271M, derived from the same figures shared by @lookonchain (source: https://twitter.com/lookonchain/status/1998973903436394743).

According to @EmberCN, a whale or institution swapped 1,469 BTC into 43,647 ETH via THORChain over the past half month, implying roughly $131 million in notional with an average ETH execution price near $3,000, providing concrete size and pricing for traders to reference. source: @EmberCN on X, 2025-12-11 According to @EmberCN, the ETH acquired from BTC was consolidated about 11 hours ago into several wallets, including 0x192Bf73BD9a9EB4cE606800e56f5411a576832ec, giving specific on-chain destinations to monitor. source: @EmberCN on X, 2025-12-11

According to @OnchainLens, a Bitcoin OG further deposited 1,000 BTC, valued at $108.35M, into HyperUnit to exchange it for ETH on Aug 30, 2025 (source: @OnchainLens). This order flow reflects a direct BTC-to-ETH rotation executed on-chain via HyperUnit, making ETH/BTC and liquidity on HyperUnit pools key areas to monitor around the swap window (source: @OnchainLens).

According to @OnchainLens, in the past 6 hours a Bitcoin OG deposited 2,520 BTC worth $291.75M into HyperLiquid to sell for ETH. According to @OnchainLens, the OG now holds 153,320 ETH valued at $724.1M. According to @OnchainLens, this flow represents a direct BTC-to-ETH rotation on HyperLiquid.