Over the past two weeks, Bitcoin (BTC) has battled massive volatility, but a smart cryptocurrency trader has found ways to profit from the asset.
The trader, identified by the wallet address 0xc2a, has recorded a staggering $17 million profit in just two weeks after launching his Hyperliquid account, according to the latest on-chain data obtained by Finbold from Arkham on October 26.
The data indicates a series of large transfers involving major exchanges and the Hyperliquid bridge, highlighting aggressive trading activity focused on Bitcoin and Ethereum (ETH).
Two weeks ago, the trader received multiple inflows from Crypto.com’s hot wallet, totaling over $20 million in USDC and ETH. Shortly after, substantial transfers were made to Hyperliquid’s Bridge2, suggesting capital deployment into leveraged trading positions.
Currently, the trader holds massive long positions, $131 million in Ethereum and $155 million in Bitcoin, positions that have significantly appreciated as both assets rallied over the past two weeks.
Indeed, the profit came at a time when Bitcoin faced massive bearish sentiment triggered by renewed trade tensions between the United States and China.
At one point, the asset faced the threat of plunging below the $100,000 mark but has since found stability, reclaiming the $110,000 support level.
Bitcoin price analysis
As of press time, BTC was trading at $111,727, having rallied about 0.2% in the past 24 hours, while on the weekly timeframe, the cryptocurrency has surged 4.6%.
From a technical perspective, Bitcoin is hovering close to its 50-day simple moving average (SMA) of $114,443 and comfortably above the 200-day SMA of $105,616.
This positioning suggests that while BTC maintains a broadly positive long-term trend, short-term momentum has softened slightly below its intermediate average.
Meanwhile, the 14-day Relative Strength Index (RSI) stands at 49.03, indicating a neutral market stance, neither overbought nor oversold.
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