Hyperliquid’s mystery 50x ETH whale is now betting on LINK

The cryptocurrency trader whose ultra-leveraged Ether (ETH) commercialized tested Hyperliquid’s limits connected March 12 has entered different multimillion-dollar position, this clip successful Chainlink (LINK), onchain information shows. 

On March 14, the anonymous whale, referred to connected X arsenic “ETH 50x Big Guy,” took retired agelong positions successful LINK worthy astir $31 cardinal with 10 times leverage, according to Lookonchain, a Web3 analytics service. 

He placed the bets connected Hyplerliquid and GMX, 2 fashionable perpetuals exchanges, Lookonchain said successful a March 14 X post. Additionally, the whale accumulated astir $12 cardinal successful spot LINK.

In the ensuing hours, the whale gradually reduced his LINK holdings done tiny swaps backmost into stablecoins, arsenic per onchain data. 

Source: Lookonchain

Related: Hyperliquid ups borderline requirements aft $4 cardinal liquidation loss

Massive trading gains

On March 12, the unidentified trader intentionally liquidated a astir $200 cardinal ETH agelong position, causing Hyperliquid’s liquidity pool, HLP, to suffer $4 million. The trader’s profits topped astir $1.8 million.

According to Lookonchain, the trader has earned astir $17 cardinal successful the past period connected Hyperliquid. 

The incidental highlighted the challenges facing perpetual trading platforms specified arsenic Hyperliquid, which alteration traders to instrumentality agelong oregon abbreviated positions galore times larger than their deposited capital.

Hyperliquid said the trader’s actions did not suffice arsenic an exploit and were alternatively a predictable effect of the mechanics of its trading level nether utmost conditions. 

In effect to the losses, Hyperliquid announced connected March 13 revised collateral rules for traders with unfastened positions to defender against akin borderline cases successful the future. 

Launched successful 2024, Hyperliquid’s flagship perpetuals speech has captured 70% of the marketplace share, surpassing rivals specified arsenic GMX and dYdX, according to a January study by plus manager VanEck. 

Chainlink, the astir fashionable decentralized oracle service, saw the terms of its autochthonal LINK token summation by much than 150% successful the weeks aft President Donald Trump prevailed successful the US election. 

It has since fixed up overmuch of those gains, declining from highs of astir $30 per token successful December to little than $14 arsenic of March 14, according to data from CoinGecko. 

Chainlink’s marketplace capitalization is presently astir $8.7 billion. 

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