A significant cryptocurrency trader placed bullish bets on major digital assets during Monday's market downturn, which saw leveraged positions worth $1.5 billion liquidated.
According to blockchain analytics platform Lookonchain, an address identified as "0x50dE6ef4D11B263DC2e4547602E963355E17dC81" utilized $15 million in USDC stablecoin on the Hyperliquid protocol to establish positions in Bitcoin (BTC), Solana (SOL), Hyperliquid's HYPE token, and PUMP.
This substantial investment demonstrates how certain market participants are strategically positioning themselves to benefit from potential price recoveries, interpreting the current market correction as an optimal buying opportunity rather than the beginning of a prolonged bear trend.
Over the past 24 hours, the cryptocurrency market has experienced downward pressure, with Bitcoin declining over 2% to trade below $113,000, reducing its total market capitalization to approximately $2.25 trillion based on TradingView data.
This market weakness follows the U.S. dollar's strength after last Wednesday's dovish Federal Reserve interest rate cuts, reinforcing bearish sentiment in the options market post-Fed decision.
Traders anticipate increased volatility in coming days as multiple Federal Reserve officials, including Chair Jerome Powell, are scheduled to deliver speeches. Further market uncertainty stems from the upcoming release of the critical Personal Consumption Expenditures (PCE) inflation report this Friday, which will provide essential insights into inflation dynamics and influence future monetary policy decisions.
Simultaneously, the FTX bankruptcy estate has confirmed that its third distribution round totaling $1.6 billion will be disbursed to four creditor groups on September 30th.
These payments will be processed through platforms including BitGo, Payoneer, and Kraken, delivering long-awaited financial relief to stakeholders impacted by the exchange's collapse.