Trader Who Shook Hyperliquid Returns With $31M Chainlink Long
A high-stakes cryptocurrency trader, known for testing the limits of the Hyperliquid exchange, has made another bold move—this time with Chainlink (LINK). The anonymous trader, dubbed “ETH 50x Big Guy” by onchain analysts, has entered a massive leveraged position in LINK, according to blockchain intelligence platform Lookonchain. $31 Million Bet on LINK On March 14, the trader opened long positions worth approximately $31 million in LINK using 10x leverage. The trades were executed on Hyperliquid and GMX, two of the largest decentralized perpetuals exchanges. Additionally, he acquired around $12 million in spot LINK, increasing his exposure to the asset. Also read: Top Hedge Fund Strategies Every Investor Should Know However, in the hours following the trade, the whale gradually trimmed his LINK holdings, converting portions back into stablecoins, per onchain data. A Track Record of Market-Altering Trades This latest move comes just two days after the same trader made waves in the crypto community by triggering a liquidation event on Hyperliquid. On March 12, he intentionally liquidated a $200 million leveraged long position in Ether (ETH), leading to a $4 million loss for Hyperliquid’s liquidity pool (HLP). Despite the platform’s loss, the trader walked away with an estimated $1.8 million in profit. According to Lookonchain, the trader has netted nearly $17 million in profits over the past month on Hyperliquid alone. His aggressive trading style has sparked discussions about the risks associated with high-leverage trading on decentralized platforms. Also read: Altcoins with High Staking Rewards: Earn Passive Income in Crypto Hyperliquid Tightens Rules After $4M Loss Following the March 12 incident, Hyperliquid reassured users that the trader’s actions were not an exploit but rather an expected outcome of extreme market conditions. However, in response to the losses, the exchange announced new collateral requirements on March 13 to prevent similar large-scale liquidations in the future. Despite the controversy, Hyperliquid remains dominant in the decentralized perpetuals market. Since its launch in 2024, it has captured 70% of market share, overtaking competitors like GMX and dYdX, according to a report by VanEck. Also read: How Cryptocurrency Is Shaping Global Finance in the 21st Century LINK’s Volatility Amid Broader Market Trends Chainlink, a leading decentralized oracle service, has experienced significant price swings in recent months. Following Donald Trump’s victory in the U.S. presidential election, LINK surged more than 150%, peaking near $30 in December. However, those gains have since faded, with the token trading at around $14 as of March 14. With a market capitalization of approximately $8.7 billion, LINK remains one of the top altcoins, but whether “ETH 50x Big Guy’s” latest gamble will pay off remains to be seen. Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations. View all posts