Arkham disclosed:
A certain Hyperunit whale lost 250 million USD in a single trade due to going long on ETH in Hyperliquid.

But the truly exaggerated part is not this massive liquidation, but his complete trajectory.

This whale:

  • Holding BTC for nearly 10 years

  • Bought over 100,000 BTC from 2017 to 2018

  • Held over 90% of his position for 7 years without movement

A typical 'ancient diamond hand'.

Until August 2025, after Tom Lee made a major shift to bullish on ETH, he began to change his strategy.

Then, fate took a sharp turn.

From BTC whale → Super bullish on ETH

He once held on-chain:
11.1 billion USD in BTC (peak)

Subsequently completed an epic switch:

  • Transfer to Hyperunit and sell
    39,738 BTC (approximately 4.49 billion USD)

  • Exchange back
    886,371 ETH (approximately 4.07 billion USD)

  • Among them
    856,372 ETH was directly staked

This is almost a
Institutional-level switch to all in ETH.

However, the answer given by the market is harsh

Current floating loss situation:

  • AAVE leverage + spot position: loss of 3.5 billion USD

  • Staked ETH: loss of 2.22 billion USD

  • Hyperliquid leverage liquidation: loss of 250 million USD

Total loss approximately:
5.7 billion USD

From long-term BTC winners → cyclical massive loss cases.

A more intriguing web of relationships

On-chain data reveals:

  • There are transfer associations with Garrett Jin

  • Shared Binance deposit address with Trend Research (Jack Yi)

  • Arkham has marked it as an entity containing 100+ addresses

Very likely familiar Chinese funding circles.

The core of this story is not about liquidation.

But rather:
A believer holding BTC for seven years ultimately completed a cyclical peak switch in ETH.$BTC $ETH #易理华割肉清仓 #何时抄底？ #BTC #ETH