Crypto trader nets $17 million profit from this crypto in 2 weeks

Over the past two weeks, Bitcoin ( BTC ) has battled massive volatility, but a smart cryptocurrency trader has found ways to profit from the ￰0￱ trader, identified by the wallet address 0xc2a, has recorded a staggering $17 million profit in just two weeks after launching his Hyperliquid account, according to the latest on-chain data obtained by Finbold from Arkham on October ￰1￱ transactions.). Two weeks ago, the trader received multiple inflows from Crypto. com’s hot wallet, totaling over $20 million in USDC and ￰2￱ after, substantial transfers were made to Hyperliquid’s Bridge2, suggesting capital deployment into leveraged trading positions. Currently, the trader holds massive long positions, $131 million in Ethereum and $155 million in Bitcoin, positions that have significantly appreciated as both assets rallied over the past two weeks.

Indeed, the profit came at a time when Bitcoin faced massive bearish sentiment triggered by renewed trade tensions between the United States and ￰3￱ one point, the asset faced the threat of plunging below the $100,000 mark but has since found stability, reclaiming the $110,000 support ￰4￱ price analysis As of press time, BTC was trading at $111,727, having rallied about 0.2% in the past 24 hours, while on the weekly timeframe, the cryptocurrency has surged 4.6%. Bitcoin seven-day price chart.) of $114,443 and comfortably above the 200-day SMA of $105,616. This positioning suggests that while BTC maintains a broadly positive long-term trend, short-term momentum has softened slightly below its intermediate average.

Meanwhile, the 14-day Relative Strength Index ( RSI ) stands at 49.03, indicating a neutral market stance, neither overbought nor ￰5￱ image via Shutterstock