According to Lookonchain, the trader with the address 0x044d increased his balance on Hyperliquid from $1.02 million to $26.07 million. The total profit amounted to more than $25 million. The trader used derivatives and high leverage while trading ETH and SOL pairs. Analysts noted that such a result highlights the effectiveness of quickly shifting positions in highly volatile conditions.
About three hours before the report was published, the trader closed short positions worth $17.68 million in SOL and $35.45 million in ETH, securing $1.06 million in profit. He then opened a new long position of 6,590 contracts. Lookonchain published data on the open volume. The size and direction of the new position may indicate a strategic reversal and an attempt to capture growth amid changing market sentiment.
Context and Market Conditions
The closing of shorts and the switch to longs coincided with a phase of price consolidation for ETH near $3,000 and fluctuations of SOL in the $130–150 range. Against this backdrop, ETH daily trading volume rose by 15%, and overall market activity strengthened. Earlier, ETH had shown attempts to break resistance at the $3,200 level, while SOL was approaching $160.
The Hyperliquid platform, known for its perpetual futures and high liquidity, allowed the trader to react quickly to price changes. With the general interest in Ethereum and increasing transactional activity on the network, the trader relied on short-term signals to generate profit while avoiding deep corrections. Although the exact trade parameters are unknown, his actions may point to highly precise entries and exits.
What This Means for the Market
According to analysts, the story of 0x044d demonstrates how short-term operations with large volumes can lead to exponential capital growth even under unstable market conditions. Such trades increase interest in derivatives platforms and raise questions about the role of large traders in shaping market trends.
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