This week, a long-time Bitcoin investor sold all of his Bitcoins to buy nearly $300,000,000 worth of Ether.
A hodler bought 550 bitcoin (BTCAfter holding an asset for 7 years, the value of this asset is approximately $62 Million.
The Bitcoins are sold through the decentralized exchange Hyperliquid opened an Ether long position of $282,000,000 (ETHAccording to MLM, an analyst onchain who goes by a pseudonym has reported that he is able to access ) from three different accounts.
“Either he caught some crazy bullish insider news, or he’s just gambling. The execution looked sloppy and rushed,” “The onchain sleuth said in a Tuesday X post.
Traders often track large moves to determine short-term trends.
Soon after, the hodlers’ rotation began. Bitcoin dipped near On Wednesday, the Dow Jones Industrial Average fell to a new low of 112,000 dollars. “rising nerves in the market” Ryan Lee is chief analyst of Bitget exchange and spoke to Cointelegraph ahead of the upcoming comments by US Federal Reserve chair Jerome Powell, as well as Friday’s Jackson Hole Symposium, both which could provide important signals about September’s rate policy.
Related: David Bailey’s KindlyMD kicks off Bitcoin treasury with massive $679M buy
Hyperliquid Bitcoin price dips 200bps after $60 million BTC sell
Although the Bitcoin hodler’s $60,000,000 sale is modest in comparison to other large transaction, it has been enough to create a dislocation of price on Hyperliquid.
Bitcoins’ price fell by 200 basis points on Hyperliquid Exchange due to the $60 million transaction. “now trading at a 30 bps discount compared to other exchanges,” Add to Cart MLM Posting on Wednesday, X.
If today’s Bitcoin spot price is $113.370, then a 200-bps drop in price equals about $2.267 or 2% of the price. This represents a substantial difference when compared with other exchanges.
It may be that the move suggests Hyperliquid doesn’t have sufficient order books to handle large transactions without a significant impact on price.
Hyperliquid has been contacted by Cointelegraph to comment on its liquidity.
Related: Ether trader nearly wiped out after epic run from $125K to $43M
Hyperliquid reached a Cointelegraph announced on Aug. 7 that July saw a record monthly trading volume of $319 billion dollars, pushing the decentralized perpetual finance platforms to new all-time highs of $487 trillion.
Hyperliquid earned 35% VanEck researchers say that Solana, Ethereum, and BNB Chain captured a large portion of revenue from blockchain in July. said In a crypto monthly recap report.
Hyperliquid is now the 6th largest derivatives exchange worldwide, with more than $12 billion in open interest on a 24-hour basis, an increase from the 12th position since April. CoinGecko The data show.
Hyperliquid was popularized in April of 2024 when it introduced spot trading, a strategy that was aggressive and had an interface with an easy to use user interface.
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Source: cointelegraph.com
