TL;DR
- Whale Move: A veteran BTC holder sold $62M in Bitcoin after seven years, then opened a $282M ETH long across three accounts on Hyperliquid.
- Price Impact: The BTC sale caused a 200 bps drop on Hyperliquid, revealing liquidity gaps and creating a notable exchange price discount.
- Exchange Growth: Hyperliquid’s July volume hit $319B, cementing its rise as a top derivatives platform while the whale’s ETH bet fuels market speculation.
A long-time Bitcoin holder has shaken the market by selling their entire stash of 550 BTC, worth approximately $62 million, after holding it for seven years. The sale, executed on decentralized exchange Hyperliquid, was followed almost immediately by a massive $282 million long position in Ether, split across three accounts.
Sudden Rotation Sparks Debate
On-chain analyst MLM reported the move, noting the abrupt execution looked “sloppy and rushed.” The whale’s decision came as Bitcoin dipped to a two-week low near $112,000, with traders speculating whether the shift was driven by insider information or high-stakes speculation. The timing coincides with heightened market nerves ahead of U.S. Federal Reserve Chair Jerome Powell’s Jackson Hole address.
He has sold all the BTC and moved the USDC to two other wallets, where he also went long ETH. He is now long 65,680 ETH ($282M) across three wallets https://t.co/eXyglGUGKv https://t.co/pWdQGvCMcj https://t.co/XXgaAMAXVW
— MLM (@mlmabc) August 20, 2025
Impact on Hyperliquid’s BTC Price
While $62 million is modest compared to some whale transactions, the sale caused Bitcoin’s price on Hyperliquid to drop by 200 basis points, creating a 30 bps discount compared to other exchanges. This equates to roughly a $2,267 difference per BTC based on the day’s $113,370 spot price. Analysts suggested the event exposed limited order book depth for absorbing large trades without significant slippage.
Hyperliquid’s Growing Influence
Hyperliquid has rapidly climbed the ranks of derivatives exchanges, reaching sixth place globally with over $12 billion in 24-hour open interest. In July, it recorded $319 billion in trading volume, accounting for 35% of all blockchain revenue. Its aggressive listing strategy and user-friendly interface have helped it capture market share from established chains like Solana, Ethereum, and BNB Chain.
Market Outlook and Speculation
The whale’s ETH long position represents a bold bet on Ethereum’s near-term performance. With Powell’s speech looming, traders are watching closely for macroeconomic cues that could influence both BTC and ETH prices. Whether this move signals a broader shift in market sentiment or remains an isolated gamble will depend on how the coming days unfold.
