An anonymous Ethereum (CRYPTO: ETH) trader has booked massive profits from a long position as analysts now forecast a pullback toward $4,000 amid the broader market downturn.
What Happened: On-chain tracker Lookonchain reported a trader who compounded gains across two Hyperliquid accounts, turning $125,000 into $29.6 million for a staggering 236x return.
At peak, the trader’s position of 66,749 ETH was worth $303 million, taking the the paper profits to $43 million (344x). However, the trader has since closed all longs, securing $6.86 million in realized profit.
Meanwhile, institutional activity has been strong. Bitmine bought …