Trader profits $6.8M from leverage bets on Bitcoin and Ether before Trump's crypto reserve

From Cointelegraph

March 2, 2025 10:33:18 PM:

A crypto whale profited nearly $7 million from 50x leverage bets on Bitcoin and Ether before Trump announced a Crypto Strategic Reserve. The whale deposited $5.9 million in USDC on Hyperliquid to create $200 million worth of positions. Some speculate insider trading as positions closed after Trump’s announcement, with most closing for a profit above $6.8 million.

The founder of The Moon Show suggested insider trading involvement due to the timing of the whale’s positions. Pundits speculate whether the trader had prior knowledge of Trump’s announcement. The Crypto Strategic Reserve included XRP, SOL, ADA, Bitcoin, and Ether. The debate continues on potential illegal activities related to the trades.

The White House’s Working Group on Digital Assets, led by Bo Hines and David Sacks, evaluated the creation of the Crypto Strategic Reserve. Trump will host the White House Crypto Summit on March 7 to discuss regulatory policies and stablecoin oversight with industry leaders. Elon Musk’s blockchain government proposal faces challenges.

Read more at Cointelegraph: Trader profits $6.8M from BTC, ETH bets placed before Trump crypto reserve post