A longtime Bitcoin holder sold his entire position this week to rotate into nearly $300 million worth of Ether.
The hodler sold 550 Bitcoin (BTC) worth approximately $62 million after holding the asset for seven years.
After selling all their Bitcoin through the decentralized exchange Hyperliquid, they opened a $282 million long position on Ether (ETH) through three separate accounts, according to a pseudonymous onchain analyst MLM.
“Either he caught some crazy bullish insider news, or he’s just gambling. The execution looked sloppy and rushed,” said the onchain sleuth in a Wednesday X post.
Large moves are often tracked by traders to gauge short-term market trends.
The hodler’s rotation came shortly after Bitcoin dipped near a two-week low of $112,000 on Wednesday, signaling “rising nerves in the market” ahead of US Federal Reserve Chair Jerome Powell’s upcoming remarks and the Jackson Hole symposium Friday, which may provide key signals on September’s interest rate policy, Ryan Lee, chief analyst at Bitget exchange, told Cointelegraph.
Related: David Bailey’s KindlyMD kicks off Bitcoin treasury with massive $679M buy
Hyperliquid Bitcoin price dips 200bps after $60 million BTC sell
While the Bitcoin hodler’s $60 million sale was modest compared to other large transactions, it was enough to trigger a price dislocation on Hyperliquid.
The $60 million sale caused Bitcoin’s price to fall by 200 basis points (bps) on the Hyperliquid exchange, with Bitcoin “now trading at a 30 bps discount compared to other exchanges,” added MLM in a Wednesday X post.
A 200 bps price drop equals a 2% price difference or approximately $2,267 per Bitcoin, assuming today’s spot price of $113,370, signaling a significant difference compared to other exchanges.
The move may suggest Hyperliquid’s order books lack the depth to absorb outsized trades without significant price impact.
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