Trader makes $7 million in one day going 50x long bitcoin, ether ahead of Trump's crypto reserve announcement
Quick Take
- 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 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.
However, Trump's announcement of a crypto strategic reserve at 10 am Sunday morning sent prices soaring upward. Soon after, the trader, who had been adding to their long positions throughout the morning, closed their trades, netting $7 million in profits in just 24 hours, according to HypurrScan.
The trader would have profited even more had they held the positions open when Trump clarified that BTC and ETH would be included in his planned crypto strategic reserve, which led the prices of those tokens to increase even more.
The price of Bitcoin is up nearly 9% in the past 24 hours, according to The Block's Bitcoin Price page, though Cardano, which was mentioned in Trump's announcement, scored the biggest gains with a staggering 58% gain in the past 24 hours.
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