A mysterious trader placed more than $200 million in leveraged long positions on Bitcoin and Ethereum ahead of the US market open, amid conflicting geopolitical signals.
The trades included a $50 million Bitcoin position at 20x leverage and a $150 million Ether position at 15x leverage on decentralised exchange Hyperliquid.
The positions were opened as markets reacted to mixed statements from US President Donald Trump and Iranian officials regarding potential military action.
The trader has already recorded an unrealised profit of around $2.3 million on the positions, with total unrealised gains reported at $8.67 million.
Bitcoin briefly rose above $71,500 before falling back toward $70,000, while Ether moved toward $2,190 before retreating to around $2,120.
Such large pre-market trades have previously raised concerns about potential insider trading, particularly when placed ahead of major geopolitical or policy developments.
The activity highlights ongoing volatility in crypto markets, where leveraged positions can generate significant gains or losses in short periods.
At the time of reporting, Bitcoin price was $70,495.28.