Whale Opens $100 Million Ethereum Long Position on Hyperliquid with 25x Leverage

A new whale has entered the cryptocurrency market with a significant move, opening a $100 million Ethereum long position on the Hyperliquid platform using 25x leverage. This bold bet has garnered attention due to its size and the high risk involved. The trader deposited 4.28 million USDC and immediately deployed the capital into a 25x leveraged long, amounting to 44,523 ETH. The entry price for the position was $2,247.22, with ETH currently trading around $2,266, resulting in unrealized gains of over $800,000.

The high leverage bet comes with a liquidation level set at $2,196, a relatively narrow margin in current market conditions. The position appears under a cross-margin setting, allowing full capital exposure. The wallet shows no spot, vault, or staked assets beyond this single perpetual contract, underscoring the size and risk concentration of the trade. The funding rate on the trade currently stands at a minor loss of -$2,509.93, which indicates moderate market sentiment skew.

This activity suggests growing interest from high-net-worth participants willing to take directional bets on Ethereum’s short-term trajectory. Hyperliquid, a rising player in the perpetual DEX market, has increasingly become a hub for large leveraged positions. One trader who found fame through extravagant bets on the platform is James Wynn, who turned a $7,000 PEPE wager into more than $25 million. Riding that wave, he began trading perpetual futures on Hyperliquid in March, despite having no prior experience with derivatives. In less than a month, Wynn claimed to have grown a $3 million position into $100 million through high-leverage trades, attracting massive attention from the crypto community.

However, the turning point came in May, when Wynn opened a $1.25 billion long position on Bitcoin using up to 40x leverage. A geopolitical tweet from Trump caused markets to turn, triggering Wynn’s liquidation. His massive bet was wiped out, leaving him with nearly nothing. This incident highlights the extreme risks associated with high-leverage trading, where even small market movements can lead to significant losses.

Despite the risks, the activity on Hyperliquid indicates a growing trend of high-net-worth individuals engaging in leveraged trading. The platform's ability to attract such bold traders underscores its role as a significant player in the perpetual DEX market. The recent Ethereum staking surge, with over 35 million ETH locked into the network’s proof-of-stake system, further highlights the shifting dynamics in the cryptocurrency market. Investors are increasingly opting to earn yield through staking rather than selling at current prices, signaling a change in investor behavior.