Whale That Once Held 100,800 BTC Loses $230M on Liquidated ETH Long

This is less a story about one liquidation than about how a veteran holder's rotation from BTC into ETH has gone badly wrong in timing terms. The scale of the shift — a large BTC position reduced while a large ETH position was built above current prices — shows how concentrated conviction bets can be punished by a single sharp move on a leveraged venue. The question worth watching is whether this forces further BTC sales, and whether Hyperliquid's role in absorbing whale-sized positions draws more regulatory and risk scrutiny.