Long-Term Bitcoin Holder Trades $62M BTC for $282M ETH Long on Hyperliquid
A significant shift in the crypto market has occurred as a long-term Bitcoin holder liquidated their entire BTC position, selling 550 BTC worth $62 million.
They immediately rotated into a $282 million Ether (ETH) long position on the decentralized exchange Hyperliquid. The move has sparked debate, with analysts calling the execution "sloppy and rushed." The transaction coincided with Bitcoin's dip amid market nerves before key economic indicators.
The sale caused a 2% price drop for Bitcoin on Hyperliquid, highlighting the exchange's liquidity capacity. Despite this, Hyperliquid has seen substantial growth, reaching $319 billion in trading volume in July and becoming the sixth-largest global derivatives exchange.