🎉 #Gate xStocks Trading Share# Posting Event Is Ongoing!
📝 Share your trading experience on Gate Square to unlock $1,000 rewards!
🎁 5 top Square creators * $100 Futures Voucher
🎉 Share your post on X – Top 10 posts by views * extra $50
How to Participate:
1️⃣ Follow Gate_Square
2️⃣ Make an original post (at least 20 words) with #Gate xStocks Trading Share#
3️⃣ If you share on Twitter, submit post link here: https://www.gate.com/questionnaire/6854
Note: You may submit the form multiple times. More posts, higher chances to win!
📅 End at: July 9, 16:00 UTC
Show off your trading on Gate Squ
The Cryptocurrency Whale Earned 3.9 Million USD After Opening 300 Short Positions on Bitcoin
A cryptocurrency whale opened more than 300 large leveraged short positions on Bitcoin, worth $521 million, and closed these trades on Tuesday, netting a total profit of $3.9 million. The completed transaction on the decentralized exchange Hyperliquid has faced resistance from traders attempting to pump Bitcoin above the short sell entry level of $83,898 set by whales. Short selling makes money when the asset price drops, but using 40x leverage, a 2% increase in Bitcoin at $85,591 would liquidate the position. In response, anonymous trader Cbb0fe has gathered a group to invest $10 million in Bitcoin, trying to push its price above the liquidation point of the whale. However, Bitcoin remains volatile, rising to 84,573 dollars before dropping to 82,295 dollars. Realizing they had a golden opportunity, the whale closed all their positions in two minutes — specifically, it covered 208.1 BTC worth of short orders. The risk is very high, as Hyperliquid allows leverage of up to 40 times. A cross position will wipe out the entire portfolio of the whale. The blockchain analysis company Bubblemaps has dismissed speculation that this whale has insider information, noting that there was no related news prior to the transaction. The whale previously wiped out $4 million from the community-owned liquidity provider of Hyperliquid due to a $285 million bet on Ethereum. Hyperliquid responded by cutting the maximum leverage on Bitcoin and Ethereum. The whale has made $9.37 million in less than 30 days, despite the risks. However, the latest move from the trader is a long position worth $2.7 million in MELANIA, a Solana meme coin. Liquidation will occur if the price drops by 9.78% — but so far, no one has opposed this position.