The crypto market once again captured attention with a major trade netting a trader nearly $7 million.
High Stakes on BTC and ETH
According to HyperDash, the trader deposited $5.9 million USDC on March 1 at the decentralized exchange Hyperliquid. $4 million was used to create $200 million in positions with a 50x leverage.
Timing of Trades
The first Ether long was placed on March 2 at 2:49 pm UTC. Trump's announcement, which followed 35 minutes later, caused crypto prices to soar, with positions starting to close 16 minutes post-announcement, sparking speculation about insider trading. The first Bitcoin long was initiated earlier on March 1 at 10:44 pm UTC when BTC was at $86,033.
Trump's Announcement and Market Impact
Trump initially mentioned only XRP, Solana, and Cardano in his reserve announcement. Bitcoin and Ether were confirmed two hours later, after which their prices saw delayed increases. Some argue insiders only knew an announcement was imminent, not the details.
Suspected insider information has reignited debates within the crypto community as challenges for new regulations intensify amid Trump's digital asset working group's efforts.
