- Bitcoin whale shifts $1B to Ethereum through Hyperliquid, fueling increased activity in ETH markets.
- Ethereum treasury firms bought 247,033 ETH this week, tightening supply amid ETF-driven institutional demand.
A high-net-worth Bitcoin holder has increased Ethereum purchases, moving over $1 billion into the asset through the Hyperliquid trading platform. On-chain data from Arkham Intelligence shows that the investor used spot trades to buy large amounts of ETH after selling BTC.
Meanwhile, the buyer currently holds more than 46,800 Bitcoin, worth over $5 billion. These funds are split across several wallets tracked by Arkham. Last week, the same whale bought around 641,000 ETH, valued at $2.94 billion.
Data posted by Lookonchain shows another 2,000 BTC, worth roughly $217 million, was deposited to Hyperliquid before the latest ETH buys.
Beyond the spot purchases, the same entity has also placed leveraged trades. Lookonchain reported that the wallet sold 197 BTC at a price of around $108,000 per coin. Shortly after, a 3x leveraged short position was opened, involving 561 BTC worth about $61 million.
Traders doing this kind of activity typically fluctuate between making quick trades and long-term investments. This switching from Bitcoin to Ethereum also indicates a new trend among big crypto investors.
ETF and Treasury Buyers Add to Ethereum Demand
Spot Ethereum exchange-traded funds in the U.S. are also seeing strong inflows. According to SoSoValue, ETH ETFs brought in $1.25 billion this week alone. August inflows have now crossed $4 billion, although they remain below July’s $5.5 billion.
In parallel, Ethereum treasury companies have added large amounts of ETH to their holdings. CoinGecko reports that 247,033 ETH were purchased by these firms in the past seven days. Bitmine, a major buyer, added 190,500 ETH during this period.
Bitmine now holds 1.7 million ETH, with a current market value of around $7.7 billion. Sharplink, the second-largest holder, bought 56,533 ETH last week, bringing its total to 797,704 ETH—worth approximately $3.6 billion.
Supply Shrinks as Institutional Buying Increases
According to market blog Milk Road, treasury companies have been buying more ETH than BTC since July. Only one week during that time showed the reverse.
Since July, $ETH treasury companies have been stacking far more $ETH than $BTC treasuries have been buying $BTC.
They’ve outpaced every week but one.
The balance of power is quietly shifting. pic.twitter.com/7nTqePMCic
— Milk Road (@MilkRoadDaily) August 29, 2025
“Institutions are buying and locking up 35.77 ETH for every 1 ETH issued,”
Milk Road wrote in a recent update. As more Ethereum is removed from circulation through ETF and treasury buys, the available supply on the market continues to drop.
At press time, Ethereum (ETH) was trading at approximately $4,350, showing a decrease of 7% over the past week, with minor gains in the last 24 hours.
The shift of funds into Ether from Bitcoin witnessed these days, led by the whales and institutions, must be taken as reflection of the current demand dynamics in crypto.
