Bitcoin tumbled over $4,000 to around $111,000 late Sunday after a long-dormant whale unloaded roughly 24,000 coins—valued at about $2.7 billion—into thin weekend liquidity. Data compiled by blockchain-analytics firm Lookonchain show the abrupt sale triggered between $310 million and $550 million in forced liquidations across major exchanges and erased the gains notched after Federal Reserve Chair Jerome Powell’s speech two days earlier. On-chain records indicate the address had held the bulk of its bitcoin for more than five years, with some deposits traceable to the HTX platform in 2018. Despite the sale, the wallet still controls 152,874 BTC, worth roughly $17 billion at current prices, making it one of the network’s richest holders. Transaction trails further reveal the investor rotated a large share of the proceeds into ether, purchasing about 455,000 ETH valued near $2.2 billion and opening sizable leveraged long positions. Part of those longs—more than 95,000 ETH—have already been closed for an estimated $33 million profit, while some 40,000 ETH remain open. The repositioning helped propel decentralised derivatives exchange Hyperliquid to a record-setting day, with spot and perpetual volumes topping $3.3 billion and fee income exceeding $4.7 million, according to the venue. Ether has held firmer than bitcoin, trading near $4,700 and extending its year-to-date gain to 45 percent, as analysts cite a growing rotation by large holders and institutions toward the Ethereum ecosystem.