Andrew Kang Boosts BTC Long Position with $2.27 Million USDC Deposit on Hyperliquid

On April 9th, COINOTAG News reported significant movements in the cryptocurrency market as prominent investor Andrew Kang, a partner at Mechanism Capital, made a substantial play. Utilizing the Onchain lens monitoring tool, it was revealed that Kang’s associated address transferred 2.27 million USDC into the Hyperliquid platform. This capital injection was aimed at bolstering a BTC long position backed by an aggressive 40x leverage. Currently, this position stands at an impressive valuation of around 100 million US dollars, reflecting an entry price of 78,146.7 US dollars. However, the move has also led to an unrealized loss of approximately 795,692.92 US dollars, underlining the inherent risks associated with high-leverage trading in the volatile cryptocurrency landscape.