The cryptocurrency trader whose ultra-leveraged Ether (ETH) trade tested Hyperliquid’s limits on March 12 has entered another multimillion-dollar position, this time in Chainlink (LINK), onchain data shows. On March 14, the anonymous whale, referred to on X as “ETH 50x Big Guy,” took out long positions in LINK worth approximately $31 million with 10 times leverage, according to Lookonchain, a Web3 analytics service. He placed the bets on Hyplerliquid and GMX, two popular perpetuals exchanges, Lookonchain said in a March 14 X post.
In the ensuing hours, the whale gradually reduced his LINK holdings through small swaps back into stablecoins, as per onchain data. Source: LookonchainRelated: Hyperliquid ups margin requirements after $4 million liquidation lossMassive trading gainsOn March 12, the unidentified trader intentionally liquidated a roughly $200 million ETH long position, causing Hyperliquid’s liquidity pool, HLP, to lose $4 million. The trader’s profits topped roughly $1.8 million.
According to Lookonchain, the trader has earned nearly $17 million in the past month on Hyperliquid. The incident highlighted the challenges facing perpetual trading platforms such as Hyperliquid, which enable traders to take long or short positions many times larger than their deposited capital.
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Author / Journalist: Cointelegraph by Alex O’Donnell
The story "Hyperliquid’s mystery 50x ETH whale is now betting on LINK" has 386 words across 16 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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