For the past four days, an anonymous entity has been shaking up the order books. In just a few sessions, this whale has sold 19,663 BTC, equivalent to $2.22 billion, reallocating massively into 455,672 ETH, amounting to $2.19 billion. Such a move is significant: it demonstrates a clear arbitrage between Bitcoin, down 3% this week to $112,800, and Ethereum, up 7% at $4,630.
A mysterious whale propels Hyperliquid to the top
These transactions have boosted activity on Hyperliquid and Unit. With over $3.4 billion in spot volume in 24 hours, the platform has set a new historical record. For the first time, it has risen to the rank of the world’s second-largest spot BTC market, ahead of Coinbase and Bybit, and just behind Binance.
On Bitcoin alone, Hyperliquid processed $1.5 billion in daily volume, evidence that the DEX is now a key player in global liquidity.
Record revenues and a HYPE effect
This surge in activity has not only boosted volumes but also filled the protocol’s coffers. In the last day, Hyperliquid generated $4.7 million in fees, with 97% dedicated to HYPE buybacks. Of this total, trades made through Unit accounted for 20% of the buybacks, injecting around $941,907 into the mechanism. Unit allocates 100% of its own fee share to buy back HYPE, adding $1.88 million directly linked to this accumulation mechanism.
Essentially, each swap made by this anonymous whale boosts the HYPE token, strengthening its attractiveness and accentuating the ecosystem’s valuation mechanism.
A turning point for DEX
This episode confirms a shift: historical volumes are no longer exclusive to centralized exchanges. In just four days, a single user has been enough to elevate Hyperliquid among the global giants, proving that the infrastructure is ready to absorb colossal institutional flows.
One burning question remains: who is behind this BTC → ETH rotation strategy worth billions? Investment funds, crypto-native institutions, or a visionary whale? The mystery lingers, but one thing is certain: the days ahead will shine the spotlight on Hyperliquid and its HYPE token in the crypto market.
