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Whale Returns to Solana Despite $6.9M Loss, Bets on Long-Term Prospects

Coin WorldTuesday, Feb 18, 2025 5:38 am ET

1min read

A prominent cryptocurrency investor, often referred to as a "whale," has once again taken a long position on Solana (SOL) via Hyperliquid, despite suffering a significant loss of $6.9 million on major coins previously. According to on-chain data, the whale deposited 4 million USDC into Hyperliquid as the SOL price dropped, indicating a bullish stance on the cryptocurrency.

The whale's previous long positions on Bitcoin (BTC), Ethereum (ETH), and SOL resulted in a substantial loss, including funding fees. This latest move suggests that the investor remains confident in the long-term prospects of SOL, despite the recent market downturn.

Hyperliquid is a decentralized finance (DeFi) platform that offers leveraged trading and lending services. The platform has gained popularity among cryptocurrency investors due to its user-friendly interface and competitive fees. However, it is essential to note that leveraged trading carries significant risks, and investors should exercise caution when engaging in such activities.

The cryptocurrency market has been volatile in recent months, with many investors experiencing significant losses. However, some analysts remain optimistic about the long-term prospects of the industry, citing the growing adoption of blockchain technology and the increasing institutional interest in cryptocurrencies.

As the market continues to evolve, investors will need to stay informed about the latest developments and adapt their strategies accordingly. The recent actions of the prominent whale serve as a reminder that even experienced investors can suffer significant losses in the volatile cryptocurrency market.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.