The Infamous “50x ETH” Whale is Back – This Time Betting Big on Chainlink

The well-known trader known as the “50x ETH” whale, who previously cost Hyperliquid $4 million, is making headlines again. This time, he’s betting big on Chainlink (LINK). In the last 45 minutes, he deposited 2.875 million USDC into Hyperliquid to open a highly leveraged long position on LINK with 10x leverage.

Here’s everything you need to know.

A History of Risk and Reward

Since February 7, this trader has made 16.4 million dollars by flipping leveraged positions on ETH, BTC, HYPE, and YGG. Now, the crypto community is watching closely to see if his latest LINK bet will bring another big payday or end in liquidation. His previous trades have not only earned him huge profits but have also raised concerns about the risks of extreme leverage on decentralized trading platforms.

Large LINK Holdings and Signs of Selling

On March 14, the whale opened long positions worth around 31 million dollars in LINK using 10x leverage on Hyperliquid and GMX, two major perpetual trading platforms. Along with that, he accumulated about 12 million dollars in spot LINK. However, on-chain data shows he has been gradually selling portions of his LINK holdings back into stablecoins, possibly to lock in profits or reduce his exposure.

Past Trades That Shook the Market

This latest move comes just days after his massive 200 million dollar ETH long position on March 12, which led to millions in losses for Hyperliquid’s liquidity providers. That trade alone created a 4 million dollar deficit in the platform’s liquidity pool while the whale walked away with 1.8 million dollars in profit.

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In the last month, his total earnings from Hyperliquid alone have jumped to 17 million dollars, according to Web3 analytics firm Lookonchain. The incident highlighted the dangers of leveraged trading, where traders can control huge positions with relatively small capital.

Some suspected he had exploited a loophole, but Hyperliquid confirmed that everything was within the rules—his trades were just unusually extreme. In response, the platform tightened its collateral requirements on March 13 to prevent similar situations in the future.

Hyperliquid’s Growing Market Dominance

Despite these controversies, Hyperliquid continues to dominate decentralized derivatives trading. Since launching in 2024, it has taken 70 percent of the market, surpassing competitors like GMX and dYdX, according to research firm VanEck. The platform recently hit a major milestone, reaching 1 trillion dollars in lifetime trading volume, cementing its position among the top decentralized exchanges.

Is LINK Set for a Breakout?

Chainlink’s price has been all over the place. It shot up by over 150% after Trump won the election but has since dropped from nearly $30 in December to under $14 now. But with big traders like the ETH 50x whale jumping in, many are wondering if LINK is about to make another big move. Right now, it has a market value of $8.7 billion and is still an important player in the DeFi world.

The 50x ETH whale has made his play. Now, it’s up to the market to decide how this story ends.

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