On the morning of March 23, two opposite statements made headlines.
First, US President Trump claimed that the United States has decided to postpone attacks on Iran’s power and energy infrastructure for the next five days because of productive discussions between the two countries.
Next, a senior Iranian security official denied that any such talks had taken place and claimed that the U.S. president had decided against further attacks on Iran due to pressure from markets and U.S. allies.
As it happens, Bitcoin (BTC) first jumped above $71,500 before falling to $70,000.
Bitcoin surged Monday morning. Source: Decibel DEX
The same goes for Ethereum (ETH), which first surged to $2,190 before falling to $2,120.
Nonetheless, both cryptocurrencies have recovered slightly, with BTC currently at $70,888.91 and ETH at $2,146.69.
Amid these market trends, a mystery trader opened a long position on both assets on Hyperliquid before the U.S. market opened today, worth over $200 million.
Hyperliquid is a decentralized cryptocurrency trading exchange popular among retail traders for its derivatives trading facilities.
To date, the trader has made $2.3 million in unrealized profits on these trades. Overall, their unrealized profits were $8.67 million.
This is not the first time traders have made such moves ahead of major news releases.
From Trump’s tariff announcements to Supreme Court tariff rulings, traders regularly place orders worth millions and profit. Such incidents have also given rise to accusations of insider trading.
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This article was originally published by TheStreet on March 23, 2026 and first appeared in the Markets section. Click here to add TheStreet as your preferred source.
