A cryptocurrency "whale" just created a new wallet to evaluate ETH and two other coins.
According to data from Lookonchain, a large user sent 5.42 million USDC to Hyperliquid to bet against ETH, WLFI, and XPL.
A new wallet was created 2 hours ago with an amount of 5.42 million USDC.
Trading focused on short positions for ETH, WLFI, and XPL.
The event is monitored and reported through Lookonchain.
How much money did the "whale" user send to the new wallet?
A large user (whale) just created a new wallet with the address 0x54D7 and sent up to 5.42 million USDC. This information is closely monitored by Lookonchain, indicating the rapid transfer of large assets in preparation for important transactions.
Creating a new wallet may aim to optimize trading strategies or protect assets when executing complex investment orders.
Which exchange and which coins did the whale choose to trade?
The whale chose Hyperliquid to place short orders, targeting ETH, WLFI, and XPL. This is an exchange that allows leveraged positions with large capital.
The short selling strategy reflects expectations of price declines on the selected coins, helping players take advantage of price volatility to profit in a highly volatile cryptocurrency market.
"Tracking the actions of whales through on-chain data helps predict market movements, especially when large amounts are invested in short-term positions."
– Nguyen Minh Hung, Blockchain Analyst, 2024
What are the reasons and impacts of short selling ETH, WLFI, and XPL?
Short selling is a high-risk strategy that can yield high returns in the cryptocurrency market. Sharks believe in the price decline of ETH and two smaller tokens, WLFI and XPL, possibly due to technical signals or news affecting prices.
This action can create downward pressure on the market and alert other investors to the upcoming price movement trends of the targeted coins.
What is the role of Lookonchain in tracking this important transaction?
Lookonchain is a platform that tracks blockchain data and the activities of large wallets (whales), helping to detect large asset movements in the cryptocurrency market early.
Information from Lookonchain provides timely and transparent insights for investors, enhancing transparency and professionalism in analyzing trading behavior.
Frequently Asked Questions
1. What are cryptocurrency "whales"?
"Whales" are individuals or organizations that own a large amount of cryptocurrency and have the ability to significantly influence market price volatility.
2. Why do "whales" create multiple new wallets?
3. What is cryptocurrency short selling?
Short selling is a profitable trade when prices fall by borrowing and selling an asset, then buying it back at a lower price.
4. What type of exchange is Hyperliquid?
Hyperliquid is an exchange focused on leveraged trading and derivatives for the cryptocurrency market, supporting large positions.
5. How does Lookonchain help investors?
Lookonchain provides transparent data on the activities of large wallets, helping investors forecast trends and make more accurate decisions.
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