A prolific crypto trader on decentralized derivatives exchange Hyperliquid opened $60.7 million in Ethereum (ETH) long positions following a sharp market selloff where leveraged longs suffered $688.56 million in liquidations.
According to data from Lookonchain, the new positions already hold roughly $2.6 million in unrealized profit.
Track Record Behind $29.75 Million in Profits
The trader behind the positions created four new wallets roughly four months ago on Hyperliquid. Since then, the whale has executed 15 trades with 14 wins and a single loss—a $3,866 drawdown on an ETH short position held for just one minute. Total realized profits stand at $29.75 million, with $28.2 million generated from Bitcoin (BTC) longs.
Despite recent profits, two older positions remain underwater. The trader holds a 10,000 ETH long showing a $1.9 million loss alongside a 400 BTC long down $97,000. Netting all four active positions leaves the trader with an aggregate unrealized profit of approximately $608,600.
Institutional Outflows Contrast Onchain Bets
The heavy buying comes during a volatile stretch for Ethereum. ETH traded at $2,526.75 at press time, representing a 0.99% decline over 24 hours and a 6.39% drop over seven days. During Tuesday's selloff, ETH touched a low near $2,429, providing entry levels close to the whale's average price of $2,420.
While onchain whales buy the dip, institutional investors are pulling capital. US spot Ethereum ETFs recorded 10 consecutive days of net outflows totaling $782.6 million since September 29, based on SoSoValue data. This red streak immediately followed $437 million in weekly net inflows recorded during the week of September 22.
Market participants are closely watching technical levels ahead of macro data. Analyst Ted Pillows noted that ETH faces resistance between $2,560 and $2,570, with a break above targeting $2,700. Meanwhile, the whale maintains significant safety margins, with liquidation prices set at $1,272 and $1,513. Market volatility may increase ahead of the September US Consumer Price Index (CPI) report, where economists expect annual inflation to rise to 3.7% from 3.4%, influencing sentiment across Bitcoin options and macro markets.
Key Takeaways
- $60.7M ETH Long: Hyperliquid whale opens major long positions near $2,420.
- $29.75M Realized Profits: Trader has accumulated substantial wins across 15 total trades.
- $782.6M ETF Outflows: Institutional funds post 10 straight days of red as spot prices drop.
Why It Matters
This contrasting activity highlights a major division between institutional traditional finance products and native crypto derivative traders. While spot ETF investors reduce risk ahead of key inflation reports, high-conviction onchain whales are leveraging price pullbacks with deep liquidation buffers. If Ethereum reclaims technical resistance near $2,570, these massive long positions could accelerate upward momentum.
