The Resurgence of Leveraged ETH Longs: Analyzing Buddy's and Other Major Players' Moves on Hyperliquid

In late 2025, Ethereum (ETH) traders on Hyperliquid have reignited their appetite for leveraged long positions, with notable figures like the Buddy and unidentified whale addresses deploying multi-million-dollar bets amid a volatile market. This strategic shift reflects a blend of optimism about Ethereum's fundamentals and a calculated response to macroeconomic and technological catalysts. Below, we dissect the rationale behind these moves, contextualizing them within broader market dynamics and expert forecasts.

The Buddy's Aggressive ETH Longs: Confidence Amid Volatility

The Buddy, a well-known crypto trader, has once again positioned itself as a key player in the leveraged ETH long space. On Hyperliquid, the Buddy deposited 1 million USDC to secure a $13.35 million ETH long at an entry price of $2,883, with a liquidation threshold at $2,716. As of November 2025, this position yielded a floating profit of $280,000. More strikingly, the Buddy also opened a 25x leveraged ETH long, generating $1.02 million in unrealized gains by November 10. These moves underscore a belief in Ethereum's short-to-medium-term resilience, despite the broader market's turbulence.

The Buddy's strategy aligns with Ethereum's post-Pectra upgrade trajectory. The May 2025 Pectra upgrade, which increased validator staking limits and optimized calldata costs, has been hailed as a critical step toward Ethereum's scalability and efficiency. Analysts argue that such upgrades, coupled with growing institutional adoption and regulatory clarity, have created a foundation for sustained bullish sentiment.

Whale Activity on Hyperliquid: A Collective Bullish Signal

The Buddy's actions are not isolated. Three prominent whale addresses on Hyperliquid-0x0ddf9bae2af4b874b96d287a5ad42eb47138a902, 0x2c26b98bba32196e05123db5e1469ee88cb67e17, and 0x535e34b5ada64997afc88444271ae9b3f82b3867-have collectively deployed nearly $100 million in leveraged ETH and Bitcoin longs. For instance, 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902 opened a 3x long on $27.14 million worth of BTC and a 2x long on $15.15 million in ETH. Meanwhile, 0x535e34b5ada64997afc88444271ae9b3f82b3867 took an aggressive 25x leveraged ETH long worth $20.49 million.

These whale positions highlight a broader trend: high-net-worth traders are increasingly favoring leveraged exposure to Ethereum over spot accumulation. The futures-to-spot ratio for ETH on Binance hit 6.84 in late 2025, the highest since Q4 2025, signaling a preference for amplified upside potential. This trend is further reinforced by institutional players, with Ethereum ETF assets under management surging from $10.3 billion in July to $28.6 billion by Q3 2025.

Risk and Reward: Navigating a Volatile Landscape

While the bullish sentiment is palpable, the risks of high-leverage trading remain acute. In mid-November 2025, a $2 billion liquidation event swept the crypto market, with one whale closing a 50x ETH long after prices neared its liquidation threshold. Such volatility underscores the precarious balance between reward and ruin in leveraged trading.

However, the whales' continued profitability-despite the selloff-suggests a strategic approach to risk management. For example, the Buddy's $13.35 million ETH long has a relatively conservative liquidation price of $2,716, offering a 6% buffer from its entry point. Similarly, 0x535e34b5ada64997afc88444271ae9b3f82b3867's 25x leveraged position, while aggressive, benefits from Ethereum's recent staking-driven supply constraints, which have reduced sell pressure.

The Bigger Picture: Ethereum's Fundamentals and Market Sentiment

Ethereum's fundamentals in 2025 are a mixed bag. While the asset faced a sharp decline from $4,100 in late 2024 to $1,400 in early 2025-driven by macroeconomic stress and the Bybit hack-the Pectra upgrade and Layer 2 innovations (e.g., Arbitrum's BoLD upgrade) have bolstered long-term confidence. Additionally, Ethereum's staking participation rate reached 29.4% of total supply by Q3 2025, with 35.6 million ETH locked in validators. This has created a deflationary tailwind, as staking rewards outpace issuance.

Expert forecasts for Ethereum's price in 2026 range from $4,000 to $8,000, driven by factors like ETF inflows, regulatory clarity, and the success of Ethereum 2.0 upgrades. Tom Lee of BitMine Immersion Technologies, for instance, predicts a short-term dip to $2,500 before a rebound to $7,000–$9,000 by early 2026. Such projections provide a rationale for the current wave of leveraged longs, as traders aim to capitalize on anticipated rebounds.

Conclusion: Strategic Positioning in a High-Stakes Game

The resurgence of leveraged ETH longs on Hyperliquid reflects a calculated bet on Ethereum's resilience and long-term potential. While the Buddy and other whales are taking aggressive positions, their strategies are underpinned by Ethereum's technological upgrades, institutional adoption, and a regulatory environment that increasingly favors crypto assets. However, the volatile nature of the market demands caution, as even the most bullish scenarios can unravel quickly in a downturn. For now, these leveraged longs serve as a barometer of confidence-a signal that, despite the risks, Ethereum's ecosystem remains a focal point for strategic capital.