On the first day of 2026, a crypto trader identified as 0xea66 executed a bold, concentrated bullish bet on the cryptocurrency market. According to on-chain data monitored by Lookonchain, the trader deposited 8 million USDC onto the Hyperliquid derivatives platform and proceeded to open a series of leveraged long positions without any hedging or directional diversification, signaling a fully bullish thesis.
The trader employed moderate leverage, averaging 5x, to build a total market exposure of approximately $24 million. This strategy combined aggressive upside exposure with controlled liquidation risk. The capital was allocated across a diversified basket of 12 assets, including Bitcoin and 11 high-momentum altcoins, rather than concentrating on a single asset.
Within just a few days, all 12 positions moved into profit. The trader is currently sitting on $2.85 million in unrealized gains, representing a 64% return on the invested capital. The account's valuation has surpassed $10.8 million, a result of both price appreciation and leverage efficiency. Notably, the trader has not liquidated any positions, indicating continued confidence in the upward trend.
Some of the most explosive returns came from low- and mid-capitalization altcoins in the portfolio, such as $XPL, $IP, and $PUMP. On-chain data indicates that returns on some of these positions exceeded 150% compared to Bitcoin's movement over the same period, reflecting a calculated bias towards high-beta, volatile assets.
The trade was timed as crypto market sentiment turned bullish at the start of the new year, with Bitcoin stabilizing and altcoins attracting renewed speculative interest. Improved liquidity and increased risk appetite on derivatives platforms helped amplify returns and reduce early drawdown risk.
Market analysts interpret such large, unhedged directional trades from whales as a bullish barometer for overall market psychology. The move suggests the trader perceived minimal downside risk. While showcasing impressive gains, the report cautions that leveraged trading carries significant risks, and unrealized profits can be quickly erased by sudden market reversals, volatility spikes, or macroeconomic shocks.
