Whale Makes $1.19M USDC Bet on UNI with Leverage

Wallet 0xB29 made a notable move by depositing $1.19 million USDC into HyperLiquid, leveraging 5x to secure a long position on UNI. This action increased open interest on UNI, with a consequential liquidation price set at $7.40.

A cryptocurrency whale identified as wallet 0xB29 deposited $1.19 million USDC into HyperLiquid, leveraging the funds 5x to open a long position on UNI.

The transaction illustrates the potential for increased volatility in UNI markets, with notable risks if the price falls near the $7.40 liquidation point.

The whale wallet 0xB29 deposited $1.19 million USDC as margin into HyperLiquid , opening a leveraged long position with 5x leverage on UNI. This trade has a notional value of $4.47 million. The liquidation price is set at $7.40 for UNI, bringing market attention to potential cascading liquidation events. With a significant trade like this, UNI’s price can be impacted by increased open interest, magnifying volatility and liquidity shifts on exchanges.

The transaction has drawn attention from crypto analysts and experts, tracking any price fluctuations that could affect the broader DeFi market. If UNI approaches the liquidation price, it could trigger a chain reaction of liquidations, thus impacting market sentiment. Crypto community attention is focused on this whale activity, discussing potential risks and monitoring if the price nears $7.40. This follows similar past trading patterns with leveraged whale positions affecting market dynamics.

“Wallet 0xB29 deposited $1.19M USDC into HyperLiquid and opened a UNI long with 5x leverage, with the position valued at $4.47M and a liquidation price of $7.40.” – Onchain Lens, Data Analyst, OnchainLens source

Historical patterns suggest that such whale activity can lead to price volatility, affecting UNI and spreading effects to related markets. The implications include potential shifts in trading volume and liquidity on DeFi platforms. No official reactions from Uniswap or HyperLiquid teams have been recorded about this particular trade. Meanwhile, crypto analysts and whale watchers remain vigilant as similar whale trades have historically impacted token prices significantly. The activity is absent from regulator and institutional commentary, creating an uncertain outcome for market participants.