A trader on the decentralized perpetual swaps platform Hyperliquid made a US$7 million profit in 24 hours using a leveraged trading strategy ahead of an announcement by former US President Donald Trump.

The trader invested US$5.6 million in USDC to open 50x leverage long positions on bitcoin and ether, creating a position worth over US$200 million.

The trade nearly liquidated early Mar. 2 when ether’s price dropped near the threshold.

Trump’s announcement at 10 am on Mar. 2, confirming plans for a crypto strategic reserve including bitcoin and ether, triggered a price surge.

The trader closed their positions before the announcement, missing further gains. Bitcoin rose nearly 9% in 24 hours, while cardano, also mentioned in the announcement, surged by 58%.