Cryptocurrency traders’ super leverage seat (eth) Trade-tested hyperliquidity restrictions entered another multi-million dollar position on March 12, this time at Chainlink (Related), OnChain data display.
On March 14, the anonymous whale called the “ETH 50X Big Man” occupied a long-term position in the link, worth about $31 million and has a 10-fold leverage, according to LookonChain of Web3 Analytics Service.
He puts his bet on liquidity and GMX, two popular permanent exchanges explain In the March 14 x post. Additionally, whales accumulated about $12 million on spot links.
In the following hours, the whale gradually reduced his link holdings through a small exchange, according to Onchain data.
source: Lookonchain
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Huge transaction benefits
On March 12, the unidentified trader deliberately liquidated approximately $200 million in ETH long positions, resulting in a hyperliquid liquidity pool HLP, Loss of $4 million. Traders make about $1.8 million.
According to Lookonchain, traders have made nearly $17 million on Hyplliquid in the past month.
The event highlights the challenges faced by permanent trading platforms such as Hyperliquid, which enables traders to have longer-term or short-term positions than their deposit capital.
Hyperliquid said traders’ actions are not eligible for exploitation, but are predictable results of their trading platform mechanism under extreme conditions.
To cope with the loss, hyperliquidity was announced on March 13 Revised mortgage rules For traders with open positions, similar marginal cases can be prevented in the future.
According to a January report by asset manager Vaneck, Hyplliquid’s flagship permanent exchange launched in 2024 and has captured 70% of market share, surpassing competitors such as GMX and DYDX.
Chainlink is the most popular decentralized oracle service, with its home-based link token price rising by more than 150% in the weeks after the prevalence of the U.S. election.
It has since given up a lot of gains, falling from nearly $30 per token in December to below $14 on March 14. data From Coingecko.
Chainlink’s market capitalization is currently around $8.7 billion.
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