Crypto Trader Netted $6.8M on #BTC & $ETH Bets
A crypto whale leveraged high-stakes bets on Bitcoin and Ethereum, securing a $6.8 million profit following US President Donald Trump’s announcement of a Crypto Strategic Reserve, according to on-chain analytics platform Lookonchain.
This whale, who was long $BTC and $ETH with 50x leverage, has closed most of his long positions, making over $6.8M in just one day
The whale deposited $5.9 million in USD Coin on 1 March into the decentralised derivatives exchange Hyperliquid to open 50x leveraged long positions, according to crypto analytics platform HyperDash.
The strategy carried significant risk—just a 2% market drop would have triggered liquidation.
Instead, prices surged after Trump’s 2 March announcement on Truth Social, where he named Bitcoin, Ethereum, XRP, Solana, and Cardano as part of the reserve initiative.
The whale's first Ethereum long position was placed at 2:49 PM UTC, acquiring ETH contracts at $2,190–$2,202.
In total, around $4 million was used to create $200 million worth of leveraged positions.
Then at 10:24 AM ET, the whale began closing positions, sparking speculation of potential insider trading.
On-chain data shows Bitcoin exits between $87,500 and $91,399 and Ethereum positions sold above $2,270.
