{"id":125111,"date":"2025-03-14T22:18:06","date_gmt":"2025-03-14T22:18:06","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125111"},"modified":"2025-03-14T22:18:06","modified_gmt":"2025-03-14T22:18:06","slug":"hyperliquids-mystery-50x-eth-whale-is-now-betting-on-link","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125111","title":{"rendered":"Hyperliquid\u2019s mystery 50x ETH whale is now betting on LINK"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe cryptocurrency trader whose ultra-leveraged Ether (ETH) trade tested Hyperliquid\u2019s limits on March 12 has entered another multimillion-dollar position, this time in Chainlink (LINK), onchain data shows.\u00a0<br \/>\nOn March 14, the anonymous whale, referred to on X as \u201cETH 50x Big Guy,\u201d took out long positions in LINK worth approximately $31 million with 10 times leverage, according to Lookonchain, a Web3 analytics service.\u00a0<br \/>\nHe placed the bets on Hyplerliquid and GMX, two popular perpetuals exchanges, Lookonchain said in a March 14 X post. Additionally, the whale accumulated roughly $12 million in spot LINK.<br \/>\nIn the ensuing hours, the whale gradually reduced his LINK holdings through small swaps back into stablecoins, as per onchain data.\u00a0<br \/>\nSource: LookonchainRelated: Hyperliquid ups margin requirements after $4 million liquidation loss<br \/>\nMassive trading gains<br \/>\nOn March 12, the unidentified trader intentionally liquidated a roughly $200 million ETH long position, causing Hyperliquid\u2019s liquidity pool, HLP, to lose $4 million.\u00a0The trader\u2019s profits topped roughly $1.8 million.<br \/>\nAccording to Lookonchain, the trader has earned nearly $17 million in the past month on Hyperliquid.\u00a0<br \/>\nThe 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.<br \/>\nHyperliquid said the trader\u2019s actions did not qualify as an exploit and were instead a predictable consequence of the mechanics of its trading platform under extreme conditions.\u00a0<br \/>\nIn response to the losses, Hyperliquid announced on March 13 revised collateral rules for traders with open positions to guard against similar edge cases in the future.\u00a0<br \/>\nLaunched in 2024, Hyperliquid\u2019s flagship perpetuals exchange has captured 70% of the market share, surpassing rivals such as GMX and dYdX, according to a January report by asset manager VanEck.\u00a0<br \/>\nChainlink, the most popular decentralized oracle service, saw the price of its native LINK token increase by more than 150% in the weeks after President Donald Trump prevailed in the US election.\u00a0<br \/>\nIt has since given up much of those gains, declining from highs of nearly $30 per token in December to less than $14 as of March 14, according to data from CoinGecko.\u00a0<br \/>\nChainlink\u2019s market capitalization is currently around $8.7 billion.\u00a0<br \/>\nMagazine: \u2018Hong Kong\u2019s FTX\u2019 victims win lawsuit, bankers bash stablecoins: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/hyperliquid-mystery-50x-eth-whale-bet-link?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe cryptocurrency trader whose ultra-leveraged Ether (ETH) trade tested Hyperliquid\u2019s limits on March 12 has entered another multimillion-dollar position, this time in Chainlink (LINK), onchain data shows.\u00a0 On&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125111"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125111"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125111\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125111"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}