A fresh wallet deposited $20 million in USDC into Hyperliquid and opened a 4x leveraged long on 20,000 ETH hours before Ethereum's sharpest rally in months.
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Ethereum whale nets $6.6 million after 4x Hyperliquid long
A fresh wallet deposited $20 million in USDC into Hyperliquid and opened a 4x leveraged long on 20,000 ETH hours before Ethereum's sharpest rally in months.
An Ethereum whale holding a 4x leveraged long on Hyperliquid is sitting on $6.6 million in unrealized profit after ETH rose 18 percent to $2,271.81 as of 08:45 UTC.
"What a coincidence," Lookonchain, the on-chain analytics firm tracking the wallet, said in a post flagging the timing of the trade.
The trader created a new wallet (0xedcd), deposited $20 million in USDC into the decentralized perpetual platform and opened a 4x long on 20,000 ETH worth about $45.38 million at an entry price of $1,936, Lookonchain data shows. ETH has since climbed roughly 16 percent, pushing the position into a $6.19 million paper gain, per the tracker.
The rally, which lifted ETH to levels not seen since May 12, coincided with President Donald Trump's crypto summit and optimism over the CLARITY Act, a bill that would clarify crypto market structure in the U.S.
$2.98 billion in liquidations as shorts get squeezed
The move triggered a short squeeze that wiped out $2.98 billion in positions across 174,350 traders in 24 hours, Coinglass data shows. Short liquidations totaled $1.02 billion of the $1.13 billion in ETH positions closed over the period. Hyperliquid trader pension-usdt.eth saw a roughly 50,000-token short, once worth more than $100 million, fully closed out with losses estimated between $23.9 million and $26.66 million.
Other whales pile in ahead of the summit
The leveraged bet was not the only large ETH position opened before the surge. A separate whale acquired 10,657 ETH valued at about $20 million in the days leading up to Wednesday, with half bought on Tuesday, and staked the tokens, Arkham Intelligence transaction data shows. A wallet tied to a known exploit also accumulated 18,272 tokens at an average price near $2,109, spending about $38.53 million.
ETH was trading at $2,244.57, up 17.5 percent in 24 hours, with 24-hour volume up 408 percent. Bitcoin's push toward $70,000 supported the broader risk-on move. Traders will watch whether ETH holds above $2,300 and whether the liquidation cascade cools.
This article is for informational purposes only and does not constitute investment advice.
