A crypto trader made nearly $7 million in profits after placing massive 50x leveraged long bets on Bitcoin and Ethereum (Eth) just before U.S. President Donald Trump announced a Crypto Strategic Reserve with five cryptocurrencies including BTC and Eth.
According to HyperDash, the whale deposited $5.9 million in USDC on Hyperliquid, a decentralized derivatives exchange, on March 1. They used around $4 million to create $200 million worth of leveraged positions at 50x.
The first Ether long was placed on March 2 at 2:49 pm UTC. Just 35 minutes later, Trump’s announcement sent crypto prices soaring. The whale began closing positions 16 minutes after the announcement, raising speculation about potential insider trading.
The whale’s first Bitcoin long came even earlier, on March 1 at 10:44 pm UTC, when BTC traded at $86,033. Many Bitcoin positions were closed before Trump’s statement, adding to the intrigue.
Interestingly, Trump’s first post on the reserve only mentioned XRP, Solana, and Cardano. He confirmed Bitcoin and Ether’s inclusion two hours later. Between these posts, BTC and ETH saw price increases, but not as sharply as the other named tokens.
Crypto commentators, including Carl Moon, called the timing suspicious, with Moon stating, “This could be the biggest INSIDER TRADE I’ve ever seen.” However, some argue that insiders might have known an announcement was coming but not the exact details.
Trump’s crypto-focused Working Group on Digital Assets has been evaluating policies for weeks. On March 7, he will host the first White House Crypto Summit to discuss regulations and stablecoins.
Also Read: Solana surges 22% as Trump favors it over Bitcoin in Crypto Reserve
