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.