Blockchain tracking firm Lookonchain says one crypto trader generated astronomical returns by betting big on Bitcoin (BTC) and Ethereum (ETH) as President Trump announced a potential US crypto reserve.

According to Lookonchain, a crypto whale deposited 6 million USDC to Hyperliquid, a decentralized exchange (DEX) built for perpetual futures trading, to long BTC and ETH using 50x leverage in what turned out to be an extremely well-timed trade.

The trader’s position was taken on the same day Trump announced on the social media platform Truth Social that the US will establish a “crypto strategic reserve.”

Trump said the reserve will include Bitcoin, Ethereum, XRP, Solana (SOL) and Cardano (ADA), causing those digital assets to surge.

The whale’s positions soared in value and he booked profits of nearly $7 million.

“This whale, who was long BTC and ETH with 50x leverage, has closed most of his long positions, making over $6.8 million in just one day!”

Lookonchain notes that the trader appears to make frequent leveraged trades.

“The whale who made $6.8 million from going long BTC and ETH with 50x leverage yesterday made another profit of ~$300,000 by shorting BTC [Monday]!

This whale looks like a perps gambler who uses the highest leverage. He also used 100x leverage to short/long BTC and ETH on GMX, traded 75 times on GMX in less than a month, with a win rate of 62.66%, and a total loss of $1.22 million.”

Bitcoin is trading for $90,051 at time of writing, down 2.2% in the last 24 hours. Meanwhile, Ethereum is trading for $2,279 at time of writing, down 7.6% on the day.

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Generated Image: Midjourney