Hyperliquid Whale Opens $60.7 Million Ethereum Long After Earning $29.75 Million
A Hyperliquid trader with nearly $29.75 million in profits from completed trades has opened a fresh Ethereum (ETH) long worth approximately $60.7 million. The move comes as cryptocurrency markets face heavy selling pressure and leveraged bullish traders suffer significant liquidations.
The trader’s new position covers 24,000 ETH and has generated about $2.6 million in unrealized profit. On-chain tracking data shows that the whale entered the market near $2,420, positioning itself for a potential Ethereum recovery despite recent volatility.
Meanwhile, leveraged traders lost $688.56 million to liquidations over 24 hours. The broader liquidation wave reached approximately $774.14 million, highlighting the risks of betting on rising prices during a market downturn.
A Trading Record Built Mostly on Bitcoin
The whale established four new wallets approximately four months ago and began trading on Hyperliquid, a decentralized derivatives exchange. Since then, the trader has completed 15 trades, with only one reported loss.
That losing trade involved an Ethereum short position held for about one minute, which resulted in a loss of just $3,866. The trader’s closed positions have generated approximately $29.75 million in cumulative profits.
Bitcoin (BTC) longs contributed roughly $28.2 million of that total, making Bitcoin the primary source of the whale’s reported trading success.
However, the trader also faces losses on existing positions. A 10,000 ETH long is down approximately $1.9 million, while a 400 BTC long has lost around $97,000. Despite these setbacks, the combined unrealized result across four open positions was approximately $608,600 in profit in the reported snapshot.
Ethereum Faces Resistance Despite Whale Buying
Ethereum has experienced considerable volatility over the past week. After falling near $2,429 during the liquidation wave, ETH recovered above $2,500. It remained down approximately 6.39% over seven days in the latest reported market snapshot.
Investor flows also present a challenge. U.S. spot Ethereum exchange-traded funds recorded 10 consecutive days of net outflows, with withdrawals totaling approximately $782.6 million since September 29.
Market analyst Ted Pillows identified the $2,560 to $2,570 range as a key resistance zone. A sustained move above that area could open the way toward $2,700, although further selling could undermine a recovery.
The whale’s aggressive position signals confidence in Ethereum’s rebound, but it does not guarantee a market reversal. Unrealized profits can disappear quickly, particularly when cryptocurrency prices move sharply.
