The entire cryptocurrency market was back in action after Donald Trump’s latest post announcing the Crypto Strategic Reserve. The world’s largest cryptocurrency Bitcoin (BTC) jumped back above the $90,000 and the rest of the market followed suit. Amidst this rapid recovery, a trader was seen making headlines after pocketing $6.8 million from leveraged longs on BTC and Ether (ETH). While some linked this to luck, a few others were hinting at insider trading.

Also Read: IRFC Shares Might Crash Another 15%, Reach 90-92 Level

How Did The Cryptocurrency Trader Pocket $6.8 Million?

According to data from cryptocurrency analytics website HyperDash, the whale placed the long bets on March 1 by depositing $5.9 million in USD Coin (USDC) on the decentralized derivatives market Hyperliquid. This was followed by yet another long bet. On March 1 at 10:44 p.m. UTC, when Bitcoin was trading at about $86,033, the first long position was made. Then, a large number of positions between $87,512 and $91,399 were closed. At 2:49 PM UTC on March 2, the whale made its first Ether long position. When Trump announced the Crypto Strategic Reserve thirty-five minutes later, market values exploded almost instantly.

With the 50x leverage, cryptocurrency positions worth $200 million were created with just $4 million. 16 minutes after Trump’s statement, the whale’s Ether positions from Ethereum wallet address “0xe4d…02c62” began to close.

Also Read: Sensex And Nifty Crash: Top 3 Stocks Reach 52 Week Low

An Insider Job?

Even though Trump’s strategic reserve has only named XRP, Cardano (ADA) and Solana (SOL), the timing of these bets had several in the community pointing at insider trading. A few others pointed out that if the trader was an insider, they would have longed the above-mentioned assets as opposed to BTC and ETH. Speaking about the same, a cryptocurrency researcher who goes by FatMan said,

“I don’t know if it was an insider or not, but it’s also possible for an insider to know the tweet is coming but not know the exact contents of the tweet“

Also Read: BRICS: Brazil Reiterates Need to End US Dollar, Will 150% Tariffs Follow?