This trader made over $9 million betting on XRP and other tokens after April’s dip

One trader made significant profits on Hyperliquid by betting on the price of cryptocurrencies after the dip in early April. Smart money on-chain tracker Lookonchain has spotlighted the whale, identified as 0x15b325660.

According to Lookonchain, the trader opened long positions on Ethereum, Solana, Bitcoin, Litecoin, XRP, LINK, AVAX, HYPE, and ENS, using between 25x and 3x leverage at a time when the tokens were significantly down due to retaliatory tariffs announced by President Donald Trump.

The bet has now earned the trader more than $9 million in unrealized profits from the trades. With the trader committing millions to the position across nine tokens, the massive profits match the size of the initial investments.

Most of the profits come from the 50,000 SOL long when the token dropped to $107. With the token now worth over $150, the trader has almost $2 million in unrealized gains.

A similar position with 5,000 ETH long when Ether was trading at $1,515.80 has yielded $1.5 million, while the Bitcoin long trade with 70.82 BTC has led to $1.27 million in profits. All other long positions have also generated profits, varying from over $870,000 for HYPE to around $180,000 for AVAX.

Interestingly, the whale did not just make profits on the perps positions; they also bought 309 BTC for $24.68 million when it was trading at $79,792 and now have $5 million in unrealized profits.

Trump’s walk-back on tariffs triggered a massive rise in crypto prices

Meanwhile, the massive profits highlight the strong conviction of whales during the market uncertainty in April. President Trump’s announcement of tariffs on April 2 and the counter-tariffs it triggered caused a massive decline in the value of most crypto assets, with Bitcoin crashing to $76,000 and Ether dropping as low as $1,400.

While this triggered sell-offs by some investors and reignited debates about the ability of Bitcoin to serve as a hedge against inflation and market uncertainty, the whale was confident in the price rebound and bet on it.

Trump’s decision to pause the retaliatory tariffs played a big role in the rebound. With the stock market crashing, many of the biggest indexes seeing their biggest declines in decades, and the threat of recession in the air, the pause was almost inevitable.

Since the suspension of tariffs for all countries except China, the crypto market has been enjoying a positive performance. Bitcoin is up 13% in the last 30 days, XRP gained 4.24%, while SOL saw the most gains, with a 21.82% rise in its value.

Despite these gains, most crypto assets are still trading below their price at the start of the year. Of all the top ten cryptocurrencies by market cap, only Bitcoin has a positive year-to-date performance, with a 1.18% gain. Every other asset is down, with ETH and DOGE having the biggest drop, above 40%.

Bitcoin struggles to go past $96k

Meanwhile, Bitcoin has been stuck in the $94,000 to $96,000 range for over two weeks now since its rebound. The flagship asset has been struggling to break through the $96,000 barrier, with any surge above that level usually followed by a decline to the $95,000 range.

According to Intotheblock data, the BTC support level is at $96,160, and its resistance level is $98,290. Thus, any major move would require it to break through this range.

However, technical analyst Ali Martinez identified $93,460 as the key level for BTC based on the short-term holder cost basis and believes it could plunge if it falls below that level.

He said:

“$93,460 is a pivotal level for #Bitcoin $BTC. Holding above it could fuel a move to $132,330, but losing it may trigger a correction toward $72,420.”

So far, there are no signs of any major potential dips, even though the asset lost 0.78% of its value today after dropping from above $96,000 to $95,366. Martinez noted that BTC is already trading in overbought territory and saw almost one million active addresses on May 3, its highest in six months.

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