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A piece of on-chain data has attracted attention— that whale/institution that made $96.67 million from ETH swing trading has recently become more aggressive.
No longer satisfied with stable gains from spot trading, this individual started exploring derivatives yesterday. In just over a day, they gradually transferred 15.5 million USDC into Hyperliquid, then made a bold move—going long 980 BTC with 20x leverage. The nominal value of this order reaches $90.87 million.
The entry price was set at $92,885, and so far, it has an unrealized loss of $150,000. It seems the timing of this entry was a bit off.
Interestingly, this whale also holds a spot position of 30,000 ETH, valued at $97.7 million. The dual strategy of spot and derivatives clearly indicates a bet that this market will show significant movement.
Shifting from conservative swing trading to high-leverage derivatives is quite eye-catching in the current market environment. Whether it’s full of confidence or an upgraded risk appetite, the future will tell.