According to CoinMeta, an online analyst named Yujin pointed out that a large whale entity has been very active over the past year, holding approximately 100,000 BTC last year, worth over one billion US dollars. In 2018, this whale hoarded 100,784 BTC at a price of around $7,242 and subsequently made investments by selling BTC. In August 2025, they began to exchange BTC for ETH, selling 89,000 BTC and buying 900,000 ETH at an average cost of over $3,500 each. In February 2026, this whale went long on HyperLiquid with ETH, but due to a sharp drop in the price of ETH, their long position worth $670 million was liquidated, resulting in a loss of $230 million in margin. Additionally, between February and June 2026, they withdrew funds through Binance and bought back 289.6 million coins on the chain, which are still held in their online wallet.