Tornado Cash-Funded Whale Opens Massive $26M BTC/ETH Pair Trade
An anonymous wallet funded directly via Tornado Cash has established a sizable $26.2M paired position on Hyperliquid, setting up a direct relative-value bet on Bitcoin outperforming Ethereum.
Key Trade Breakdown
The Route: The wallet withdrew 3,100 ETH via 31 separate 100-ETH transactions from Tornado Cash, swapped them into ~$6.92M USDC across four CoW Swap orders, and bridged to Hyperliquid through Circle’s CCTP.
The Position: Using ~20x leverage settings, the address opened two roughly equal-value legs:
BTC Long: ~$13.1M (172.94 BTC) | Entry: $75,762 | Est. Liq: $37,816
$ETH Short: ~$13.09M (5,860 ETH) | Entry: $2,233.50 | Est. Liq: $3,319
Market Takeaway
Because dollar exposure is balanced on both sides, this trade isn’t betting on total market direction. Instead, it is an aggressive long BTC/ETH ratio play—profiting if Bitcoin displays relative strength against a lagging Ether.
While onchain trackers initially flagged the address as a potential exploiter, mixer usage alone does not confirm stolen funds.
#Bitcoin #Ethereum #Hyperliquid #OnChain #CryptoTrading
$BTC
$ETH
An anonymous wallet funded directly via Tornado Cash has established a sizable $26.2M paired position on Hyperliquid, setting up a direct relative-value bet on Bitcoin outperforming Ethereum.
Key Trade Breakdown
The Route: The wallet withdrew 3,100 ETH via 31 separate 100-ETH transactions from Tornado Cash, swapped them into ~$6.92M USDC across four CoW Swap orders, and bridged to Hyperliquid through Circle’s CCTP.
The Position: Using ~20x leverage settings, the address opened two roughly equal-value legs:
BTC Long: ~$13.1M (172.94 BTC) | Entry: $75,762 | Est. Liq: $37,816
$ETH Short: ~$13.09M (5,860 ETH) | Entry: $2,233.50 | Est. Liq: $3,319
Market Takeaway
Because dollar exposure is balanced on both sides, this trade isn’t betting on total market direction. Instead, it is an aggressive long BTC/ETH ratio play—profiting if Bitcoin displays relative strength against a lagging Ether.
While onchain trackers initially flagged the address as a potential exploiter, mixer usage alone does not confirm stolen funds.
#Bitcoin #Ethereum #Hyperliquid #OnChain #CryptoTrading
$BTC
$ETH
