Global cryptocurrency markets have displayed robust bullishness following crypto backer Donald Trump’s inauguration. However, one thing that is attracting attention is the recent activity of some investors in the market.
Trader hordes Illuvium and Hyperliquid
Data shared by Onchain Lens today showed that a trader sold 10,000 Illuvium tokens for 93 WETH worth $306,435. Based on this transaction, the trader bought 93 WETH at an average price of $3,295.80 for each token.
The trader later bridged the 93 WETH coins for $300,000 USDC, a transaction that enabled him to earn an incredible profit of $6,435. According to data, the trader later sent $299,000 USDC to the Hyperliquid trading platform and purchased 13,768.6 HYPE at an average price of $21.77. Currently, the trader holds 25,000 Illuvium coins worth $813,000.
This is a significant transaction in the digital asset market, as the trader made a bold move, intending to optimize gains from the price fluctuations of WETH, Illuvium (ILV), and Hyperliquid (HYPE).
Fortunately, this transaction resulted in a remarkable profit of $6,435 while the trader still holds significant amounts of tokens including Illuvium and Hyperliquid. This is a good example of profit-making in the volatile crypto market.
These huge holdings of Illuvium and Hyperliquid by the trader highlight a strategic move to take advantage of a potential price rise. Experts believe that the digital asset market could witness a substantial rise after the day Trump was sworn in as the US President.
ILV and HYPE price updates
Today, Jan.21, Bitcoin and other digital assets experienced a mild slump, as bullish investor sentiment surrounding virtual currencies slowed down after Trump’s swearing-in.
Illuvium is currently down 3.5%, trading at $33.52. Its price has been down 7.90% in the last seven days. Also, its trading volume is down 13.70%, signaling a recent drop in market activity.
Hyperliquid has also been struggling to maintain its uptrends. Although it has been up 0.80% in the last seven days, it is underperforming the global digital asset market which is up 6.30% currently. Its trading volume is currently down 54.10%, highlighting decreased participation from investors and traders.
The action by the trader indicates that whales are seizing the opportunity presented by low prices to accumulate assets with growth potential. Large investors are normally smart at market timing, purchasing and selling at the right moments.
