Bitcoin hodler sells $60M BTC after 7 years, opens $282M Ether long

A long-time Bitcoin holder rotated all their holdings into a $282 million Ether long, crashing Hyperliquid BTC prices to a minor discount.

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.

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