Hyperliquid Whales open $120M Leveraged Longs for BTC & ETH
James Wynn don return to high-leverage trading for Hyperliquid, e put 536,573 USDC to open $23.2 million for 25× long ETH (3,269 ETH at average $3,726) and 10× long PEPE (812.16 million tokens at average $0.01358), wey dey show unrealized loss of $62,700 and $251,600 respectively. On July 21, one smart whale increase di rally with $120.8 million leveraged long positions for BTC (40×), ETH (25×), PEPE and HYPE (10× each), wey bring unrealized profit of $1.17 million. Di whale get 501,000 HYPE tokens wey worth $23.35 million, up 115%. On-chain data show $8.62 million USDC deposit for HYPE. Hyperliquid report $648 billion Q2 volume and $1.57 trillion yearly, take win over 60% of perpetual DEX market, and now support direct perpetual trading via Phantom wallet inside EU. These whale-driven leveraged trades dey show say volatility dey rise and crypto dem get bullish momentum.
Bullish
Di big big leverage long positions Wey whales put for Hyperliquid dey show say dem get strong bullish belief for BTC, ETH and meme tokens. Di first trades wey James Wynn do for $23.2 million plus di next one wey be $120.8 million show say market confidence dey rise and fit cause short squeeze, especially for ETH wey don climb pass 20% recently. High on-chain deposits and positive technicals for HYPE still support di bearish outlook. But because high leverage dey, e fit increase market kakaraka and risk of liquidation, and fit make sharp correction happen for short time. Overall, di news na bullish as e dey show say demand strong and di pressure dey push asset prices up.