Whale Shifts to LINK After Hyperliquid ETH Trade
Whale Moves Millions into Chainlink
The cryptocurrency trader who triggered a $4 million loss on Hyperliquid with a highly leveraged Ether (ETH) trade on March 12 has made another significant move. Onchain data reveals this anonymous whale, dubbed "ETH 50x Big Guy" on X, has deployed approximately $31 million into long Chainlink (LINK) positions.
According to Lookonchain, a Web3 analytics service, the whale used 10x leverage across Hyperliquid and GMX on March 14. Furthermore, they accumulated about $12 million in spot LINK. Subsequently, the whale gradually reduced their LINK holdings by swapping small amounts back into stablecoins.
Massive Trading Gains and Hyperliquid's Response
The March 12 ETH trade involved a deliberate liquidation of a roughly $200 million long position, resulting in Hyperliquid's liquidity pool (HLP) experiencing a $4 million loss. However, the trader reportedly profited by roughly $1.8 million. Lookonchain data suggests the trader has earned nearly $17 million on Hyperliquid within the last month.
Hyperliquid clarified that the trader's actions weren't an exploit, but rather a consequence of the platform's mechanics under extreme conditions. In response, Hyperliquid announced revised collateral rules on March 13 to mitigate similar risks in the future.
Chainlink's Market Position
Chainlink, a leading decentralized oracle network, has seen significant price fluctuations. While its LINK token experienced a surge after the 2020 US presidential election, its price has since declined from near $30 to under $14 (as of March 14), according to CoinGecko. Its current market capitalization is approximately $8.7 billion.
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