The crypto seas are stirring again, and this time, it’s the mysterious “ETH 50x Big Guy” making waves. This enigmatic trader, who previously pushed Hyperliquid to its limits with a high-stakes Ether (ETH) trade, is now setting his sights on Chainlink (LINK). On March 14, this whale made a bold move, diving into LINK with a staggering $31 million long position, leveraging it tenfold. This audacious bet was placed on the bustling platforms of Hyperliquid and GMX, as revealed by the keen eyes at Lookonchain.
But that’s not all. Our whale didn’t just stop at leveraged positions. He also scooped up a cool $12 million in spot LINK, showcasing his confidence in the oracle giant. However, as the hours ticked by, he began to strategically swap portions of his LINK back into stablecoins. This dance of digital assets was meticulously tracked through onchain data.
Just days before this LINK escapade, on March 12, the same trader orchestrated a jaw-dropping maneuver. By liquidating a massive $200 million ETH long position, he sent ripples through Hyperliquid’s liquidity pool, resulting in a $4 million loss for the platform. Yet, for the trader, it was a lucrative play, netting him a tidy profit of $1.8 million. Over the past month alone, his exploits have amassed nearly $17 million in gains on Hyperliquid.
These high-octane trades underscore the challenges perpetual trading platforms like Hyperliquid face. With traders wielding leverage many times their capital, the stakes are sky-high. Hyperliquid acknowledged the incident wasn’t an exploit but rather a testament to the platform’s mechanics under pressure. In response to these events, Hyperliquid swiftly revised its collateral rules on March 13 to safeguard against future high-risk scenarios.
Since its 2024 debut, Hyperliquid has been a force to reckon with, capturing a commanding 70% market share in the perpetuals exchange arena. It’s outpacing competitors like GMX and dYdX, as noted in a January report by VanEck.
As for Chainlink, the decentralized oracle service has seen its native LINK token experience wild price swings. After soaring over 150% post-2020 US elections, LINK’s value has since retreated from its December highs of nearly $30 to under $14 as of mid-March. Despite this volatility, Chainlink’s market cap remains robust at approximately $8.7 billion.
In the ever-evolving world of crypto, where fortunes can be made or lost in the blink of an eye, traders like “ETH 50x Big Guy” continue to captivate and challenge the status quo. As we watch these digital tides shift, one thing is clear: the crypto ocean is vast and full of surprises.
