Trader’s Bold Move on Hyperliquid

A trader on the decentralized derivatives platform Hyperliquid utilized 50x leverage to open a $200 million long position on Bitcoin (BTC) on Sunday, netting a gain of approximately $6.8 million following U.S. President Donald Trump’s announcement regarding the nation’s crypto reserve.

The trader used $4 million worth of collateral to execute a trade that was perilously close to liquidation, with an entry point at $85,908 and a liquidation price of $84,752. Instead of facing liquidation, BTC surged over 11%, climbing from $85,000 to $97,255 due to the announcement on Truth Social.

However, the trader’s confidence in Bitcoin may have been misplaced as ADA and XRP saw substantial gains of 47% and 18%, respectively. Trump’s announcement surprised many, particularly with the inclusion of XRP, SOL, and ADA. During this time, Coinbase CEO Brian Armstrong and Bitwise CEO Hunter Horsely expressed disbelief, expecting the U.S. reserve to consist solely of Bitcoin. Meanwhile, those affiliated with Ripple and Cardano celebrated on social media.

Some skeptical social media commentators speculated whether the trader had insider information about the reserve, although it remains unclear if the position was a hedge or if the trader believed BTC had bottomed following its drop from $109,000 to a low of $78,000 since Trump’s inauguration.

The trader has since closed the long position, securing a profit of roughly $6.8 million.