An Ether (ETH) trader transferred $20 million in USD Coin (USDC) to Hyperliquid after a token sale, then held oil longs worth about $22.4 million when on-chain analyst Ember posted.
Ember said the trader sold 12,468 ETH on Oct. 19 at about $2,368 per token, receiving approximately 29.52 million USDC. The analyst estimated the gain on the sale at $8.99 million.
Ember traced the holding to a leveraged Ether purchase of roughly $30 million in early June, at about $1,647 per token. The trader later sent 20 million USDC to Hyperliquid. USDC is a stablecoin tied to the dollar.
Ember identified the oil contracts as CL and BRENTOIL and said the trader was adding to both long positions when the analyst posted. A long position benefits if the underlying price rises. The reported $22.4 million was the value of the oil positions at that point; 20 million USDC was the amount transferred to Hyperliquid.
