Bitcoin briefly fell by about $4,000 to roughly $112,700 on Sunday after on-chain data showed a long-dormant holder unloaded more than 24,000 tokens valued at approximately $2.7 billion. The abrupt sale triggered some $310 million in liquidations of bullish derivative positions and wiped an estimated $45 billion from Bitcoin’s market capitalisation before prices stabilised. Blockchain analytics firms traced the coins to wallets that had not moved for five to six years, with earlier deposits linked to the HTX exchange. Despite the disposal, the entity—commonly referred to by analysts as a “whale”—still retains about 152,874 BTC worth roughly $17 billion at current prices. Trade records indicate the seller routed a large portion of the Bitcoin through the Hyperliquid venue, swapping roughly 19,663 BTC for 455,672 ether. The transactions helped push Hyperliquid’s spot and derivatives turnover to an all-time-high $3.2 billion in 24 hours, generating about $4.7 million in fees and underscoring a broader shift by some large holders from Bitcoin into Ethereum.