BTC is in the news as a new wallet has appeared with mind-boggling activity in what looks like a bold and high-stakes crypto play. Over only two days, the wallet has withdrawn a total of $29.85 million in USDC across Arbitrum and injected it into the decentralized perpetuals protocol Hyperliquid. The whale is employing the capital to make an aggressive 20x long bet on Bitcoin (BTC).
From $19.85M to $29.85M: BTC Position Grows Fast
First noticed by on-chain analytics platform Spot On Chain, the wallet initially deposited $19.85 million USDC. It increased its investment by an additional 10 million dollars as of June 11, which sums the investment to 29.85 million dollars. This capital infusion grew its BTC long position of 3,686.32 BTC to 3,765.6 BTC, now worth about $412.5 million.
Entry, Liquidation, and Risk Metrics
The average entry price of the whale is $108,569.7. This high-leverage trade is at a liquidation price of $102,815. As Bitcoin trades slightly above $109,000 at the time of writing, the position is in the green; however, the risk of error is minimal.
As the interface of Hyperliquid indicates, the trade is labeled as cross-margin, and the leverage multiplier is 20x.
Profitability and Real-Time PnL
With a purchase price of $108,569.7 and a BTC price of around $109,703, one of the stages showed an unrealized gain of more than $3.5 million. But with funding payments going out and a small movement in prices, the unrealized profit also experienced fluctuations.
The whale has already spent more than 0.25 million dollars in funding fees, which is a sign of serious intentions to maintain the position during volatility.
Market Eyes on the Whale’s Next Move
The wallet is drawing the close attention of crypto traders and analysts because its activity may represent either institutional-quality confidence or an ultra-volatile speculation. Hyperliquid, an on-chain-based trading protocol with transparent margin and liquidation figures, has emerged as an upcoming star in decentralized trading. The activity of this wallet will result in more eyes on the platform.
To track and receive real-time updates, the Spot On Chain monitors the wallet’s address and trade movements.
All of which means that the next few days will reveal whether the gamble of this particular whale will pay off or serve as a lesson in margin crypto trading.
