Bitcoin, Ethereum, and Solana are making news as a crypto whale has deposited $13 million in USDC into the decentralized exchange Hyperliquid.
A crypto whale has made a bold move, depositing 12M $USDC into Hyperliquid and opening short positions on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) with 5x leverage.
This massive leveraged bet of $65 million is a contrarian play against the prevailing bullish market trend.
Is the rally over? Bitcoin has surpassed $103K, and Ethereum jumped 23% with its Pectra upgrade. Solana also saw energy return with people flocking to stablecoins and the network experiencing growth.
But amidst the alt season anticipation, this trader is opening short positions.
This trader is clearly ready for either a cooldown or an unknown catalyst that could lower prices.
Shorting with 5x will increase both the upside and downside. If the market continues up, we may see rapid drawdowns or liquidations. But if BTC, ETH, or SOL correct sharply, then even a 10% drop will give huge profits.
This move also makes you wonder: Is it a sophisticated investor taking a calculated risk, or a high-conviction play from a contrarian trader?
This trade adds suspense to the already volatile market. Traders will be watching to see what happens next. Did this whale get the timing right? Only time will tell.
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