The fall below the mark of $112,000 is the lowest level the cryptocurrency has reached in more than a month after it was sold off by an old whale. The drop reversed the recent gains, which were brought by the speculations about the Fed rate cuts. The abrupt jump in market momentum was made when an early Bitcoin wallet transferred 23,000 BTC, equating to $2.6 billion, to Hyperliquid.
Ethereum Aggregation Amplification
The same whale then sold BTC and bought 473,000 ETH worth 2.2 billion and took large long positions. There were more than 95,000 ETH longs which were closed at a profit of 33 million dollars. Although it has been trimmed down, the wallet has over 40,000 ETH in open positions. Indicating the excitement to think Ethereum has a chance to rise higher.
Sunrise in Rise In Hits On Record Trading
This exercise increased the daily liquidity of Hyperliquid to 3.4 billion dollars. By reaching a record high as compared to Coinbase and Bybit combined in terms of BTC spot trading. Bitcoin alone trading amounted to 1.5 billion, the Hyperliquid has thus been in close quarters with Binance. The spike signifies an increase in demand of decentralized derivatives platforms.
Revenue gains inor valuable fee and HYPE Buyback Increases
The hyperliquid earned a trading revenue of 4.7 million per day. The largest share ($1.9 million) of which was taken up by the buyback of HYPE. This can be attributed to the fast development of the platform given the changing preferences of investors and decentrex exchange.
