Trader Makes $7 Million in 24 Hours After Leveraging Bitcoin and Ethereum Positions Ahead of Trump's
A trader on Hyperliquid, a decentralized perpetual swaps platform, leveraged a $5.6 million deposit to open 50x long positions on Bitcoin and Ethereum ahead of President Donald Trump's announcement regarding a crypto strategic reserve. This move brought the total value of their positions to more than $200 million, catching the attention of blockchain analysts. The trader's profits soared as prices surged following Trump's clarification that Bitcoin and Ethereum would be included in the crypto reserve.
- The use of leverage in this trading strategy highlights the importance of careful risk management, as a small move against the trader could have led to significant losses.
- What are the implications for the broader cryptocurrency market if more traders begin using similar strategies ahead of major announcements from government officials?