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An anonymous whale or institutional investor sold 837.8 BTC and bought 27,500 ETH worth $69.68 million, according to on-chain analyst EmberCN. The average purchase price for the ETH was $2,534.
EmberCN said the buyer moved BTC withdrawn from HTX about 18 months ago to Hyperliquid and sold it for USDC. The USDC was then withdrawn to Arbitrum, transferred to the Ethereum network, and used to buy ETH.