Ancient BitForex Whale Dumps 2,970 BTC and Piles Into ETH — Buys 50,470 ETH Spot and 135,263 ETH Longs

On August 22, on-chain monitoring by @mlmabc and reporting from COINOTAG identified that an historical whale with funds traced to the BitForex hot wallet executed notable portfolio rotation: selling 2,970 BTC (≈$334M), purchasing 50,470 ETH spot (≈$215M) and initiating leveraged longs of 135,263 ETH on Hyperliquid (≈$575M). COINOTAG previously documented a Feb. 23 hot-wallet outflow of roughly $56M from BitForex, followed by user withdrawal processing delays. On July 20, BitForex announced a phased reopening of withdrawals after a five-month suspension, conditioned on KYC while trading and deposits remain suspended. These on-chain observations and reporting, including commentary from on-chain investigator ZachXBT, underscore continued scrutiny of exchange-linked liquidity and risk management.

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