Buying-The-Dip? Crypto Trader Deploys $15M to Buy BTC, SOL, HYPE and PUMP

A trader established bullish bets in major cryptocurrencies on Monday as the crypto market declined, liquidating leveraged positions worth $1.5 billion.

An address labelled "0x50dE6ef4D11B263DC2e4547602E963355E17dC81" deployed $15 million in USDC on Hyperliquid, taking positions across bitcoin (BTC), solana (SOL), Hyperliquid's HYPE (HYPE) token, and PUMP, according to blockchain sleuth Lookonchain.

This sizable bet highlights how some market participants are positioning themselves to capitalize on potential market rebounds, viewing the pullback as a prime buying opportunity rather than a sign of sustained downturn.

The cryptocurrency market has come under pressure in the past 24 hours, with Bitcoin falling over 2% below $113,000, a move that has seen its market value drop to $2.25 trillion, according to data source TradingView.

The weakness follows the dollar's resilience following Wednesday's dovish Fed rate cuts and has reinforced the post-Fed bearishness in the options market.

Market volatility is expected to increase in the coming days as several Federal Reserve policymakers, including Chairman Jerome Powell, are scheduled to speak. Adding to market uncertainty, the all-important Personal Consumption Expenditures (PCE) inflation report is set for release this Friday, offering critical insight into inflation trends and informing potential future rate moves.

In parallel, the FTX bankruptcy recovery trust has confirmed that its third round of payments, totaling $1.6 billion, will be distributed to four groups of creditors on Sept. 30.

These payments will be made through platforms such as BitGo, Payoneer, or Kraken, providing much-anticipated relief to stakeholders affected by the collapse.