A Bitcoin holder sold 550 BTC for $62 million and rotated into a $282 million Ether position through Hyperliquid. Analysts suspect insider news or gambling motives behind the move. Bitcoin price dipped after the sale, triggering a 2% price difference on Hyperliquid compared to other exchanges.

The sale caused a 200 basis point drop in Bitcoin’s price on Hyperliquid, signaling liquidity issues for the exchange. Hyperliquid reached a record $319 billion in trading volume in July and captured 35% of blockchain revenue for the month. It has become the sixth-largest derivatives exchange globally, with $12 billion in open interest.

Read more at Cointelegraph: Bitcoin Holder sells $60M BTC after 7 years, opens $282M Ether long