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The Coin Rise 2025-03-15 11:50:39

Whale Trader Returns with $31M Chainlink Bet After Testing Hyperliquid Limits

A cryptocurrency trader known for executing ultra-leveraged trades has made another bold move, this time shifting attention to Chainlink (LINK). The anonymous figure, referred to on social media as “ETH 50x Big Guy,” has taken out $31 million in LINK long positions with 10x leverage, according to blockchain analytics firm Lookonchain. The trader executed these leveraged bets on Hyperliquid and GMX, two major decentralized perpetual exchanges. In addition, on March 14, he accumulated approximately $12 million worth of LINK in spot purchases. However, on-chain data suggests that shortly after placing the trades, the whale began offloading LINK in small swaps back into stablecoins, signaling a potential profit-taking strategy. This comes just days after the same trader liquidated a massive $200 million Ethereum (ETH) position on March 12, an event that pushed Hyperliquid’s liquidity pool (HLP) into a $4 million loss. The ETH trade, which was executed using 50x leverage, netted the trader roughly $1.8 million in profits, contributing to his total earnings of nearly $17 million over the past month on Hyperliquid. Hyperliquid Adjusts Collateral Rules After ETH Trade Fallout The March 12 trade sent shockwaves through Hyperliquid, a rapidly growing perpetuals trading platform that has captured 70% of the market share in the sector, according to a January report by VanEck. While some in the crypto community speculated about a potential exploit, Hyperliquid defended the trader’s actions , stating they were a natural consequence of its trading mechanics in extreme conditions. To prevent similar situations in the future, Hyperliquid announced changes to its collateral rules on March 13, aimed at ensuring better risk management for high-leverage positions. Chainlink’s Price Struggles The LINK token, which serves as the backbone of Chainlink’s decentralized oracle network, has been on a wild ride over the past few months. Following Donald Trump’s victory in the U.S. election, LINK surged by more than 150%, reaching nearly $30 in December. However, the token has since retraced significantly, dropping to under $14 as of March 14, per CoinGecko data. Despite the correction, Chainlink maintains a strong market presence , with a current market capitalization of around $8.7 billion. The post Whale Trader Returns with $31M Chainlink Bet After Testing Hyperliquid Limits appeared first on TheCoinrise.com .

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