One trader is holding ether (ETH) and bitcoin long positions worth $194 million, with unrealized profit and loss standing at around $6.5 million. Another account has $103 million worth of long positions across a multitude of trading pairs, betting on a broader crypto breakout rather than a major-dominated rally. The whale appears to be accumulating ether in spot markets, having spent $21 million in USDC to purchase 10,158 ETH at an average price of $2,067 shortly before opening the derivatives positions. The address opened 20x leveraged longs on 600 BTC worth about $42.5 million and simultaneously took a 20x long position on 20,000 ETH valued at roughly $41.2 million.
A wallet deposited $9.5 million in USDC into Hyperliquid within a five-hour window before opening 20x leveraged short positions on oil futures, including roughly $8.17 million in crude oil (CL) contracts and $6.15 million in Brent oil. The same trader also opened short positions across several crypto tokens, including HYPE, PUMP, XPL, APT and ASTER, suggesting a broader bearish stance on select altcoins while large traders concentrate bullish bets on bitcoin and ether. The positioning highlights how decentralized derivatives platforms such as Hyperliquid have become a hub for large leveraged bets during periods of strong bitcoin momentum.
Bitcoin climbed to around $71,000 on Tuesday, up from roughly $65,000 when BTC futures opened on Sunday evening. On-chain data shows several large traders — often referred to as “whales” — opening highly leveraged long positions on Hyperliquid as prices rise. A break above $75,000 could force short sellers to cover and accelerate the rally, while a move lower would quickly test the conviction of traders piling into nine-figure leveraged longs.
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