Whale Opens $31 Million Long Position on LINK!

On March 14, the trader known as “ETH 50x Big Guy” opened approximately $31 million worth of long positions on LINK. According to Lookonchain, these trades were executed on Hyperliquid and GMX platforms with 10x leverage.

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In addition to leveraged positions, the whale also purchased around $12 million in spot LINK. Hours later, on-chain data showed that he gradually converted his LINK holdings back into stablecoins through small swaps.

Hyperliquid Updates Rules After Major Losses!

On March 12, the same trader deliberately liquidated a $200 million ETH long position, causing Hyperliquid’s liquidity pool to lose $4 million. However, the whale profited $1.8 million from this maneuver. According to Lookonchain, he has made $17 million in total profits on Hyperliquid over the past month.

These events have highlighted the risks faced by perpetual trading platforms like Hyperliquid, which allow traders to take highly leveraged positions. Hyperliquid stated that the trader’s actions were not considered an exploit but rather a predictable result of the platform’s mechanics under extreme conditions.

On March 13, Hyperliquid announced changes to its collateral requirements to prevent similar edge cases in the future.

LINK Far From Its Former Highs!

Chainlink (LINK) gained more than 150% after Donald Trump’s victory in the US elections. However, as of March 14, LINK’s price has dropped below $14, far from its December highs near $30. Chainlink’s market capitalization currently stands at around $8.7 billion.

Since its launch in 2024, Hyperliquid has captured 70% of the perpetuals market, surpassing competitors like GMX and dYdX, according to a January report by asset manager VanEck.

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