A crypto trader is amassing significant profits from shorts on Bitcoin, Solana, and Ethereum, leveraging high liquidity in decentralized protocols.
Trader's Profitable Positions
On-chain activity analysis reveals that a trader with the wallet labeled 0x5b5d5120…F298C060 is employing a leveraged strategy totaling $57.66 million. All funds are allocated exclusively to perpetual contracts on Hyperliquid and HIP-2 protocols, with no engagement in spot assets or staking.
Closing Position on Solana
Recently, the trader began closing their short position on Solana. The original short totaled -357,433 SOL at an average entry price of $175.13. With SOL currently trading at $170.18, the unrealized profit is approximately $1.77 million, alongside $121,731 earned in funding. This activity demonstrates a strategic withdrawal after reaching favorable profit margins.
Comparison of Actions Across Different Assets
In contrast to other assets, the Ethereum position shows a slight loss. The trader shorted -25,530 ETH at $2,522.26, and with current prices at $2,527.80, the position reflects a loss of $141,283, although $95,561 in funding has been earned. Meanwhile, the large Bitcoin position, with a notional value of $113.84 million, reflects a profit of $2.17 million.
The trader's strategy of using shorts on various crypto assets underscores the high volatility and potential profits of decentralized markets, drawing attention to trading methods in a changing market.
