How This Crypto Trader Made $2M in Just 1 Hour in the Crypto Market Downturn?

The crypto market is on a rollercoaster ride, facing continuous ups and downs since the beginning of the year. Ethereum has become the biggest victim of the volatility, as its price declined to a multi-month low of $17.8k earlier in the day. However, even in this downtrend, one crypto trader turned the bear zone into a lucrative opportunity, making $2.15M within just an hour. How? Let’s discuss this.

Crypto Trader’s Bold Move in the Crypto Market Crash Pays Off

While most investors drowned in the crypto market downturn, one investor made a daring move. With a smart strategy, this person sold their 947 ETH for $1.95M USDC. After this, they deposited these into Hyperliquid, a decentralized perpetual trading platform.

More importantly, rather than holding these USDC like most cautious traders, they longed ETH with 50x leverage, significantly amplifying the position. Soon, this position grew to 25,096 ETH, equivalent to $53.7M, with a liquidation price of $2,008.

As Ethereum’s price quickly rebounded, the person excited the leveraged long position. By doing so, they made $2.15M in profits in just 50 minutes. However, this was not easy, as the crypto trader made a risky bet, especially in this volatile space.

If the trade has not gone well, the trader could have lost $1.95 million, the entire initial investment. With such a high level of precision, the community questions if it’s an insider or expert.

Crypto Trader Also Made $6.8M: Insider or an Expert?

Interestingly, this is not the first time this crypto investor has made headlines. Just earlier, this investor made millions by leveraging both BTC and ETH by putting its trades around Donald Trump’s Executive Order. 

Even then, the trader executed leverage positions, earning $6.8M per Lookonchain post. The precision was so accurate that this person flourished in gains even in the crypto market crash.

Such accurate market prediction has led to speculation. Some believe they are an insider, while others attribute the success to calculated risk-taking and market expertise.

Bottom Line

The current crypto market condition is not entirely favorable for high profits, but this crypto trader proved this point of view wrong. The trader made a risky bet and leveraged Ethereum, making $2.15M within less than an hour. Interestingly, this is not the first time, and probably not the last.

On-chain records show this crypto investor has made millions in the last few days alone. However, not all trades go in the same direction. Investors must research and trade cautiously rather than succumb to FOMO and lose everything from such stories.