A crypto trader who purchased 488,599 HYPE tokens for $17.18 million and staked them five months ago is currently sitting on an unrealized profit of $23.7 million, the onchain analytics platf
A crypto trader who purchased 488,599 HYPE tokens for $17.18 million and staked them five months ago is currently sitting on an unrealized profit of $23.7 million, the onchain analytics platform Lookonchain revealed on Aug. 31.
HYPE is the native utility and governance token of Hyperliquid, a decentralized crypto exchange built to primarily trade highly leveraged perpetual futures.
The exchange lets traders speculate on cryptocurrencies, commodities, equities, and private-company valuations through blockchain-based markets.
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When this trader bought HYPE five months ago, it was trading at $35. But it is currently trading around $84.
The trigger for the wild rally was President Donald Trump's remark at a White House meeting on Aug. 19, where he said that the Commodity Futures Trading Commission (CFTC) chair Mike Selig was "working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”
Hyperliquid has not been available to U.S. users due to regulatory uncertainty surrounding decentralized exchanges and perpetual futures. Trump's remark implies it could find a home in the U.S.
HYPE was trading around $58 on Aug. 19, but Trump's remark led to a wild rally, and the token hit its all-time high (ATH) of $86.71 on Aug. 27.
At the time of writing, HYPE was trading at $83.65.
A crypto trader's wallet address remains public, but their identity generally remains private due to the anonymous nature of crypto exchanges.
That is why such a crypto trader is also called a "mysterious trader" whose identity remains anonymous.
Wallet Address: 0x9ff9dBfADad1def3075d340BfC151c9392526880, Source: Lookonchain and ArkhamAs per Lookonchain, the crypto trader's staked HYPE tokens are worth $41 million now.
It means the lucky trader is sitting on an unrealized profit of $23.7 million.
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