The notorious 50x ETH whale is back in the spotlight, this time with a significant bet on Chainlink (LINK).
The Big LINK Bet
On March 14, the whale opened long positions on LINK worth approximately $31 million using 10x leverage on Hyperliquid and GMX. Additionally, he acquired around $12 million in spot LINK. On-chain data indicates he has been gradually selling portions of his LINK holdings back into stablecoins.
The ETH Trade That Shook Hyperliquid
Just days earlier, on March 12, he opened a massive $200 million long position on ETH, leading to millions in losses for Hyperliquid's liquidity providers. The trade resulted in a $4 million deficit for the platform's liquidity pool but landed him $1.8 million in profits. This incident highlighted the risks of leveraged trading.
Hyperliquid’s Growing Dominance
Despite the controversy, Hyperliquid continues to dominate the decentralized derivatives market, capturing 70% market share since its 2024 launch. The platform recently reached a milestone of $1 trillion in trading volume, solidifying its position among top decentralized exchanges.
Chainlink remains a key player in the DeFi world, and we might see further price fluctuations, especially with significant traders entering the market.
