The crypto market is on a rollercoaster ride, facing continuous ups and downs since the beginning of the year. Ethereum has become the biggest victim of the volatility, as its price declined to a multi-month low of $17.8k earlier in the day. However, even in this downtrend, one crypto trader turned the bear zone into a lucrative opportunity, making $2.15M within just an hour. How? Let’s discuss this.
Crypto Trader’s Bold Move in the Crypto Market Crash Pays Off
While most investors drowned in the crypto market downturn, one investor made a daring move. With a smart strategy, this person sold their 947 ETH for $1.95M USDC. After this, they deposited these into Hyperliquid, a decentralized perpetual trading platform.
More importantly, rather than holding these USDC like most cautious traders, they longed ETH with 50x leverage, significantly amplifying the position. Soon, this position grew to 25,096 ETH, equivalent to $53.7M, with a liquidation price of $2,008.
As Ethereum’s price quickly rebounded, the person excited the leveraged long position. By doing so, they made $2.15M in profits in just 50 minutes. However, this was not easy, as the crypto trader made a risky bet, especially in this volatile space.
If the trade has not gone well, the trader could have lost $1.95 million, the entire initial investment. With such a high level of precision, the community questions if it’s an insider or expert.
Crypto Trader Also Made $6.8M: Insider or an Expert?
Interestingly, this is not the first time this crypto investor has made headlines. Just earlier, this investor made millions by leveraging both BTC and ETH by putting its trades around Donald Trump’s Executive Order.
Even then, the trader executed leverage positions, earning $6.8M per Lookonchain post. The precision was so accurate that this person flourished in gains even in the crypto market crash.
Such accurate market prediction has led to speculation. Some believe they are an insider, while others attribute the success to calculated risk-taking and market expertise.
Bottom Line
The current crypto market condition is not entirely favorable for high profits, but this crypto trader proved this point of view wrong. The trader made a risky bet and leveraged Ethereum, making $2.15M within less than an hour. Interestingly, this is not the first time, and probably not the last.
On-chain records show this crypto investor has made millions in the last few days alone. However, not all trades go in the same direction. Investors must research and trade cautiously rather than succumb to FOMO and lose everything from such stories.
Frequently Asked Questions (FAQs)
The trader sold 947 ETH for $1.95M USDC, deposited it into Hyperliquid, and used 50x leverage to long ETH. As the Ethereum price rebounded, the trader capitalized on gains.
If the trade had gone wrong, the trader could have lost the initial investment of $1.95M.
It is hard to conclude whether this is an insider or an expert, but the continuous correct prediction leads to insider speculations.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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