The notorious ‘Hyperliquid 50x whale’ is back in action with a newly formed long position of 47,253 ETH leveraged at 20x. This trader made a profit close to $2 million.
The trader, after a period of inactivity of a few months, took advantage of the steep decline of Ethereum.ETH( ) by opening a position on Hyperliquid with a 20x leverage. This position was 47,253 Ethereum, valued at approximately $70.86 Million, with an entry of $1.459, and a liquidity price of $1.391.
Recently, on April 7, at approximately 11:00 UTC the whale ended its ETH-long position and earned a profit worth $1.87 million. Arbitrum received $6.3 million in return.ARB). On-chain data The evidence that showed the whale‘s long position accumulated profit reached a peak of $4.52 million, before retracting within a few hours.
As per data According to crypto.news Ethereum’s price has dropped by 17% over the last 24 hours. ETH currently trades at $1,487. It is the first occasion since March 2023 that Ethereum’s price has dropped below $1,500. After the price fall, its market cap dropped by 18%.
Hyperliquid’s 50x ETH Whale: The Origins
An anonymous trader has earned a nickname “Hyperliquid 50x ETH whale” After it opened a position long of 175,000 ETH at 50x leverage, on 12 March. Position was worth around $340 million, almost sparking a stock market crash.
The whale, after closing the transaction at 15 ETH transferred 17.09 USDC of margin to its address. The withdrawal of margin triggered an automatic liquidation of 160,000 ETH.
Hyperliquid vault, due to the large size of liquidation, took over and attempted to unravel this position. Hyperliquid was forced to take on most of the liquidation, and it suffered a $4 million loss.
Even though the liquidation was massive, the whale made a net of about $1.8million. Hyperliquid, in order to avoid a similar incident from occurring again, announced it was reducing its BTC.BTCETH and ETH are the maximum leverage at 40x and respectively 25x.
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Source: crypto.news
