Bitcoin Network Activity Rebounds, Daily Transaction Volume Reaches Highest Level Since November 2024

April 7 – Per Hyperinsight monitoring (https://t.me/HyperInsight), after Brent crude rallied above $110/bbl, the "Strategy Whale" (address 0x94d) liquidated its entire Brent crude long position in the $80 million "long oil, short BTC" portfolio. The Brent position was originally sized at $39.5 million, with an average entry of $100.8/bbl, locking in $3.71 million in realized profits. Following the liquidation, the address freed up partial margin to boost its short BTC position with 40x leverage, pushing the position size to $49.92 million. The short BTC entry averages $69,137 per BTC, with $420,000 in unrealized profits (a 34% gain). The hedge portfolio was initiated on April 1, when BTC had just briefly topped $69,000 and both U.S. WTI and Brent crude had dipped below $100/bbl. Today’s liquidation may signal the whale sees limited upside for oil, shifting from a bet on escalating geopolitical tensions to a unilateral bearish stance on the crypto market.

April 7th — Per Onchain Lens data, since Telegram announced integrating Lighter into its in-app crypto wallet, a Hyperliquid whale has sold 12,200 HYPE (valued at ~$449.1k) and placed a further sell order for 10,400 HYPE (~$386k). The whale also withdrew 1.26 million USDC on the same day.

April 7th — Contract whale "First Set 10 Big Goals" (@Jason60704294) posted a long position limit order on X at 1 a.m. ET this morning, with a screenshot showing a limit price of $69,574.7 and an additional 270.37 BTC long position. Bitcoin fell below the entry price this morning, so the order is expected to have been executed. Yesterday afternoon, Bitcoin briefly broke above the $70,000 mark, and the whale’s BTC long position was once up $5.52 million.

On April 7th, crypto mining firm Marathon Digital Holdings (MARA) transferred another 250 BTC—valued at roughly $17.37 million—from its holdings three hours ago, per data from blockchain monitoring platform LookOnChain. Prior to this latest transfer, MARA sold 15,133 BTC—worth approximately $1.1 billion—between March 4th and March 25th.

On April 7, Ethena officially announced that USDe will expand its collateral types after receiving approval from an independent risk committee. Ethena noted that its collateral diversification spans four areas, each a natural extension of its existing operations: 1. Institutional stablecoin lending (overcollateralized): Collateral assets from borrowers will be held by a third-party institutional-grade custodian; 2. Real-world assets (RWA) beyond U.S. Treasuries (T-Bills): Expanding to additional high-quality, liquid credit assets; 3. Stock and commodity basis trading: Extending its delta-neutral strategy (previously applied to crypto assets) to traditional assets; 4. Prime lending for trading institutions: Providing funding to trading firms via overcollateralized loans, with counterparties bearing exchange platform risk.

On April 7th, LookOnChain data shows that over the past 4 hours, whale address 0xA5CB transferred 60,001 ETH to Coinbase, with the deposit valued at $1.288 billion.