ETH Short Position Nets $2.4 Million Profit in Just 4 Hours Amid Altcoin Market Decline

According to recent analysis by LookIntoChain, a significant trading maneuver within the crypto market occurred on May 17th, highlighting the ongoing volatility of altcoins. An address, inactive for four years, executed a remarkable transaction, deploying $2.95 million to open a leveraged short position of 25x on Ethereum through HyperLiquid. In addition, this address took 10x leveraged short positions on PEPE, WIF, and OP. The result of this strategic trading decision saw the address realize a profit of $2.4 million in under four hours, showcasing the potential for substantial gains in today’s digital asset landscape. Such high-leverage trading strategies, while exhibiting risk, underscore the intricate dynamics at play in the cryptocurrency market.