From on-chain data monitoring, a Bitcoin investor who has held for seven years completed an astonishing operation this week: selling approximately 550 Bitcoins on the decentralized platform Hyperliquid, worth $62 million, and then opening long positions in Ethereum worth $282 million through three accounts.

This sale directly caused the price of Bitcoin on Hyperliquid to drop by about 2%, creating a 30 basis point gap compared to other exchanges, highlighting its limited order book depth. While a $60 million sell order is not considered huge in the crypto market, it still triggered localized price shocks.

Analysts point out that this move may indicate an expectation of relative strength in Ethereum, or it could simply be pure high-risk speculation. Contextually, this operation coincided with Bitcoin dropping to a low of $112,000, combined with the heightened market focus on the Jackson Hole meeting and Powell's speech this week, which reflects the overall tense atmosphere.

It is noteworthy that Hyperliquid has recently seen record trading volumes, making it the sixth largest derivatives exchange globally, but this incident also reflects its shortcomings in liquidity building.

From liquidating Bitcoin to betting on Ethereum, this rotation represents both an aggressive personal bet and reflects the market's heightened sensitivity to macro and sector rotations. The true direction may only become clearer after Powell's speech.

Large funds are selling BTC and betting heavily on ETH; are they getting favorable news ahead of time, or is it reckless speculation?

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