From The Block, March 2:
- A trader who used $6 million to open a 50x leveraged long position on both BTC and ETH made $7 million in 24 hours after Trump’s crypto reserve announcement caused crypto prices to pump.
- Notably, the trader closed their position before Trump’s announcement clarifying BTC and ETH would be included in the reserve, missing out on even more gains.
- At one point early Sunday morning, the price of ETH had to fall just $54 more to liquidate the trader’s long position.
A trader on decentralized perpetual swaps platform Hyperliquid has profited $7 million in just 24 hours after opening a leveraged long position ahead of Trump's crypto reserve announcement Sunday morning.
The trader deposited about $5.6 million USDC to Hyperliquid, blockchain data show, using the funds to create large 50x leverage long positions on bitcoin and ether. The use of leverage brought his total position to a total value of over $200 million, drawing the attention of blockchain analysts.
Early Sunday morning, the price of ETH (+9.85%) had fallen so that the trader's long position was in danger of liquidation — around 9:37 am, if ETH had fallen just $54 dollars more, the trader's long position would have been liquidated, resulting in a loss of over $2 million....
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