Hyperliquid Whales Open $120M Leveraged Longs in BTC & ETH
James Wynn returned to high-leverage trading on Hyperliquid, depositing 536,573 USDC to open $23.2 million in 25× long ETH (3,269 ETH at $3,726 avg) and 10× long PEPE (812.16 million tokens at $0.01358 avg), currently showing unrealized losses of $62,700 and $251,600 respectively. On July 21, a smart whale expanded the rally with $120.8 million in leveraged long positions across BTC (40×), ETH (25×), PEPE and HYPE (10× each), yielding $1.17 million in unrealized profits. The whale holds 501,000 HYPE tokens valued at $23.35 million, up 115%. On-chain data also reveals an $8.62 million USDC deposit for HYPE. Hyperliquid reported $648 billion in Q2 volume and $1.57 trillion annually, capturing over 60% of the perpetual DEX market, and now supports direct perpetual trading via Phantom wallet in the EU. These whale-driven leveraged trades highlight rising volatility and bullish momentum for major and meme cryptos.
Bullish
The surge in large leveraged long positions by whales on Hyperliquid signals strong bullish conviction for BTC, ETH and meme tokens. The initial $23.2 million trades by James Wynn and the subsequent $120.8 million wager demonstrate increasing market confidence and can trigger short squeezes, especially on ETH, which surged over 20% recently. High on-chain deposits and positive technicals on HYPE further support a bullish outlook. However, elevated leverage also increases volatility and liquidation risk, potentially causing sharp corrections in the short term. Overall, the news is bullish as it reflects robust demand and upward pressure on asset prices.