Ethereum News Today: Hyperliquid Whales Push $100M Longs as Crypto Recovery Hangs in Balance

Hyperliquid whales have intensified their bullish bets on Bitcoin and Ethereum, injecting nearly $100 million in leveraged long positions as the crypto market navigates a fragile recovery. On November 26, three major traders deployed high-leverage positions on the Hyperliquid platform, with one whale opening a 25x long on 7,000 ETH worth $20.49 million and another taking a 20x long on 346 BTC valued at $30.09 million according to reports. These moves signal growing confidence among high-net-worth traders, despite Ethereum's 28% monthly decline and Bitcoin's 13% weekly drop as research shows.

Ethereum's price has oscillated between $2,760 and $2,890 in recent days, trading near $2,830 as institutional buyers like BitMine Immersion continue to accumulate. BitMine now holds 3.63 million ETH-roughly 3% of the total supply-after adding 70,000 ETH in the past week. The firm's holdings represent about two-thirds of all publicly disclosed Ether treasuries, underscoring its outsized influence on market sentiment. Meanwhile, spot Ethereum ETFs added $55.7 million in inflows last week, providing a modest counterbalance to broader market weakness according to analysis.

Technical analysis highlights a critical juncture for Ethereum, with resistance clustered around $2,870–$2,960 and support levels at $2,720, $2,400–$2,500, and $2,200. Analysts warn that a break below $2,800 could reignite the downward spiral, while a sustained rebound above $2,960 might signal a broader recovery.

The situation mirrors Bitcoin's struggle near $90,000, where liquidation triggers and macroeconomic uncertainty have compounded selling pressure.

The aggressive long positions on Hyperliquid, however, contrast with recent volatility. One whale's profits collapsed from $100 million to $38.4 million in ten days as Ethereum and XRP plunged over 18%, illustrating the risks of high leverage in a volatile market . Conversely, a long-term whale linked to former BitForex CEO Garret Jin increased its Ethereum position to $44.5 million, betting on a potential rebound amid improved liquidity conditions and expectations of Federal Reserve policy easing .

Regulatory developments also shape the landscape. The U.S. SEC's reduced enforcement activity under Chair Paul Atkins has created a more favorable environment for institutional adoption, while the launch of Grayscale's Dogecoin ETF underscores regulators' growing comfort with crypto-backed securities according to analysis. Institutional interest in privacy coins further highlights shifting priorities, as Nasdaq-listed firms like Reliance Global adopt Zcash treasury strategies as reports show.

Looking ahead, market participants are closely watching December Ethereum upgrades, macroeconomic data, and ETF flows for directional cues. A successful Fusaka upgrade could enhance Ethereum's scalability, while renewed inflows into Bitcoin and Ethereum ETFs might stabilize risk appetite. However, analysts caution that liquidity constraints among market makers-exacerbated by October's $20 billion liquidation event-could prolong volatility.