A trader opened a high-risk long bet on Ethereum (CRYPTO: ETH) just before the cryptocurrency’s dramatic Wednesday surge, locking in paper gains of over $6 million.
Perfectly-Timed ETH Trade Raises Eyebrows
The whale initiated a 4x leveraged long position in ETH on the decentralized perpetual trading platform Hyperliquid at an entry price of $1,936, according to Lookonchain.
Shortly after they opened the position, ETH started rallying sharply. Since then, the coin has surged nearly 16%, netting the whale an unrealized profit of $6.192 million.
“What a coincidence,” Lookonchain said, expressing skepticism over the timing of the trade.
