Trader dumps $46 million in Bitcoin for rival

A crypto whale appears to be shifting a large portion of its portfolio from Bitcoin into Ethereum .

According to blockchain analytics platform Lookonchain , 11 newly created wallets suspected to belong to the same whale, sold 602 BTC and bought 18,780 ETH on Hyperliquid over the past three days. Both sides of the transactions were worth roughly $45.83 million, indicating a large-scale portfolio rebalancing.

At press time, Bitcoin was trading around $81,001, up nearly 5.5% over the past 24 hours, while Ether was around $2,594, gaining about 5%.

SEC Chair Atkins reveals what comes next if CLARITY Act stalls

The transactions were carried out across multiple wallets rather than a single address. Onchain data shows the wallets repeatedly moved BTC and ETH through Hyperliquid , a decentralized trading platform, as part of the apparent rotation.

A whale is typically an individual or entity holding a large cryptocurrency position. Large transactions from such wallets can attract attention because they may affect market liquidity and signal changes in how a major investor is positioning.

The whale's move comes as the broader crypto market rebounds and U.S. regulators continue advancing crypto-related initiatives.

The Commodity Futures Trading Commission has sent proposed crypto market rules to the White House for review. Meanwhile, the Securities and Exchange Commission introduced its temporary "Innovation Exemption" on Sept. 17 to facilitate certain onchain trading of tokenized stocks.

The developments follow the Senate's failure to advance the CLARITY Act earlier this week. With that path stalled, regulatory agencies are turning to their existing authority to push forward the parts of the crypto framework they can.