The popular whale “50x ETH” reached success by closing a substantial $BTC short position

The popular whale “50x ETH” reached success by closing a substantial $BTC short position which brought him $4.06 million in profits during three days of trading.

The popular "50x ETH" whale reached success by closing a substantial $BTC short position which brought him $4.06 million in profits during three days of trading. The trader made this wager right after creating a highly leveraged position against Bitcoin.

“50x ETH” whale has now closed its $BTC short position after making a $4.06M profit in just 3 days! 🐳

Notably, the whale deposited 17.82M $USDC to #Hyperliquid as margin over the past 3 days, mainly to short $BTC (40x leverage). Just now, it closed all perp positions and withdrew… pic.twitter.com/iE2SsoHNlX

— Wu Blockchain (@WuBlockchain) August 10, 2023

Background: The 50x ETH’s Trading History

The "50x ETH" whale earned fame from risky high-leverage trades on Ethereum. During the last three days, the whale invested 17.82M USDC into Hyperliquid to set a 40x leveraged trade against Bitcoin.

When the whale operated at its height it maintained a short position in 6,211 BTC worth $517 million at $83,898 entry price and $85,559 liquidation threshold. The price of this stale position reached $4.54M on its opening date which was about 1.5 days earlier. The whale has exhausted its trading activity by withdrawing the entire 21.88M USDC fund amount from Hyperliquid back to its wallet.

The Profit-Taking Move

The 50x ETH whale successfully used the Bitcoin price movement to extract a $4.06M profit from their entire short position. The whale transmitted funds out of Hyperliquid right after closing the position. This indicated their tactical business maneuver.

The whale seems to prefer expanding their Ethereum and gold-backed holdings to mitigate market uncertainties.

Previous Trading Moves: Scaling the Short

The Bitcoin short position of the whale expanded quickly to 3,941 BTC worth $331.8M with a price of $84,040 just previous to this period. Despite a current loss worth $836.8K for this transaction the whale chose to deepen their short position.

The 50x ETH invested 1,692 BTC (~$110M) through 12 separate BTC buy orders positioned between $58,664 and $69,414 during this period to show expected long-term gain potential and a bet for temporary market price decline.

What’s Next? Short Squeeze or More Downside?

The 50x ETH whale has completed their short exit so what development can happen to Bitcoin’s future price trends?

The crypto market maintains keen observation to check if this whale conducts another significant trade. Will Bitcoin’s price react to this move?