After Donald Trump announced the Crypto Strategic Reserve in his latest tweet, all of cryptocurrency was once again active. In response, the largest cryptocurrency in the world Bitcoin (BTC) surged back over $90,000. One trader made headlines for pocketing 6.8 million dollars from leveraged BTC and Ether longs. Some attributed this to pure luck while others suggested insider trading.
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How did the cryptocurrency Trader pocket $6.8M?
HyperDash data shows that on March 1, the whale had placed long bets, depositing USD Coins (USDC) worth $5.9M on Hyperliquid decentralized derivatives markets. Then, another long position was placed. At 10:44 PM UTC on 1 March, the first long bet was placed when Bitcoin’s price was around $86,033. Then, many positions between $87.512 and $91,399 have been closed. On March 2 at 2:49 pm UTC the whale took its first Ether-long position. Market values increased almost immediately when Trump announced that the Crypto Strategic Reserve would be implemented thirty-five minute later.
The leverage of 50x allows for cryptocurrency positions to be created worth 200 million dollars with only $4 million. After Trump’s announcement, whale’s Ether Positions from Ethereum Wallet Address were revealed 16 minutes later. “0xe4d…02c62” The door has closed.
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What is an Insider Job?
Despite the fact that Trump’s Strategic Reserve only names XRP (XRP), Cardano(ADA) and Solana(SOL), many in the community have pointed to insider trading due to the timing. Some others said that if it was insider trading, the trader would have longed for the mentioned assets instead of BTC and ETH. FatMan, an anonymous cryptocurrency researcher spoke on the subject. said,
“I don’t know if it was an insider or not, but it’s also possible for an insider to know the tweet is coming but not know the exact contents of the tweet“
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Source: watcher.guru
