A trader on the decentralized derivatives platform Hyperliquid made a $200 million long position on bitcoin using 50x leverage. The trader used $4 million as collateral and earned a profit of $6.8 million after U.S. President Donald Trump announced the nation's crypto reserve, which caused a market-wide rally. BTC rose by more than 11% after the announcement, but ADA and XRP experienced even greater gains of 47% and 18% respectively. The inclusion of XRP, SOL, and ADA in the reserve caught many by surprise, and social media users have speculated whether the trader had insider knowledge. It is unclear whether the position was a hedge or if the trader believed BTC had hit a bottom following a correction. The trader has closed the position and realized the profit.



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