The famous crypto trader '50x ETH' recently completed a successful short position, earning $4.06 million in just three days. Let's explore how it happened.
50x ETH’s Trading History
The whale '50x ETH' gained fame from high-risk trades in Ethereum. Over the last three days, the whale invested 17.82M USDC on Hyperliquid to place a 40x leveraged short against Bitcoin. Ultimately, the position reached 6,211 BTC valued at $517 million at an entry price of $83,898 and a liquidation threshold of $85,559. The whale exited the position by withdrawing 21.88M USDC back to their wallet.
The Profit-Taking Move
The whale extracted a $4.06M profit by closing their Bitcoin short position. They transferred funds out of Hyperliquid, indicating a strategic financial maneuver. Subsequent investments included converting $6.11M USDC into 3,202 ETH and $3.28M USDC into 1,040 PAXG, diversifying their holdings and mitigating market uncertainty.
Whale's Future Steps
What developments could follow in Bitcoin's price trends after the whale's short exit? They placed only four buy orders totaling 557.67 BTC (~$35.55M), anticipating further downward price movement. This has led to short squeeze predictions, and indicates optimism for Ethereum's future performance.
Trader '50x ETH' keenly observes the crypto market, planning further significant trades. Watchers anticipate potential Bitcoin price reactions.
