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 asset. The 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 26. Crypto transactions. Source: Arkham The data indicates a series of large transfers involving major exchanges and the Hyperliquid bridge, highlighting aggressive trading activity focused on Bitcoin and Ethereum ( ETH ). Two weeks ago, the trader received multiple inflows from Crypto.com’s hot wallet, totaling over $20 million in USDC and ETH. Shortly 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 China. At one point, the asset faced the threat of plunging below the $100,000 mark but has since found stability, reclaiming the $110,000 support level. Bitcoin 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. Source: Finbold From a technical perspective, Bitcoin is hovering close to its 50-day simple moving average ( SMA ) 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 oversold. Featured image via Shutterstock The post Crypto trader nets $17 million profit from this crypto in 2 weeks appeared first on Finbold .

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Source: Finbold