The crypto rally that began after the short squeeze caused by the U.S. Treasury's Aug. 19 announcement to at least double the amount of long-term bond buybacks is cooling off for a while now.
The crypto rally that began after the short squeeze caused by the U.S. Treasury's Aug. 19 announcement to at least double the amount of long-term bond buybacks is cooling off for a while now.
Yet, Bitcoin (BTC) has surged from around $65,000 to $80,000, and Ethereum (ETH) from below $2,000 to $2,500 during this period.
Bitcoin and Ether hit as high as $81,160.06 and $2,558.47 during this rally and are currently trading at $79,741 and $2,502.
Related: Bitcoin eyes $6.4 billion options expiry on 'choppy' Friday
Amid the crypto market rally, a mysterious trader created a new wallet, deposited 5 million USDC into Hyperliquid, and then opened 20-times-leveraged short positions in 247.63 Bitcoin and 8,155 Ether on Aug. 26, the onchain analysis platform Lookonchain revealed.
Due to the anonymous nature of crypto exchanges, a trader's wallet address remains public, but their identity generally remains private. That is why such a crypto trader is also called a "mysterious trader" whose identity remains anonymous.
Hyperliquid is a decentralized crypto exchange that is built to primarily trade high-leverage perpetual futures. The exchange lets traders speculate on cryptocurrencies, commodities, equities, and private-company valuations through blockchain-based markets.
As per the onchain analysis platform Hypurrscan, the said crypto trader has short positions in Bitcoin worth $19.73 million and Ether worth $20.39 million.
Address: 0xe2ad376800c2da03d611700ffc1d013090733c8c, Source: HypurrscanBitcoin and Ether were trading at $78,029.40 and $2,447.87 when the trader opened these positions.
As these positions are short and both the cryptocurrencies are trading higher than the entry points, the trader is sitting on an unrealized loss of more than $865,000.
Related: Cathie Wood bets on 'disrupter' stock with bullish analyst call
