According to Onchain Lens, a long-time Bitcoin holder who previously rotated BTC into ETH deposited 3,000 BTC worth about $363.92M to HyperLiquid and began selling into USDC. Per Hypurrscan address 0x757f88e931Ef4D57c23B306C5a6792FC0d16eDB2 cited by Onchain Lens, 960.57 BTC has been sold for $116M USDC so far, implying an average execution near $120,757 per BTC based on the reported amounts. According to Arkham Intelligence (entity ID 08b508d3-dc27-428d-bc6f-1ab7c5cedb8e) cited by Onchain Lens, the wallet still holds 46,765 BTC valued around $5.7B, with approximately 32.0% of the 3,000 BTC deposit executed and about 2,039.43 BTC remaining on-exchange per Hypurrscan. For trade monitoring, Onchain Lens and Hypurrscan indicate HyperLiquid BTC-USDC order flow and the referenced address as the primary sources for ongoing activity.