Two Addresses Open >95,000 ETH Longs on Hyperliquid Worth $190M, Likely Same Whale
On Feb 10, on-chain analyst @ai_9684xtpa reported that two addresses have opened more than 95,000 ETH in cumulative long positions on Hyperliquid, with a combined notional value of roughly $190 million. Address 0x6C8…D84F6 deposited 21.798 million USDC as margin via Hyperliquid within the past three hours and initiated a 35,164.2 ETH long at 20x leverage (entry price $2,044.11), representing about $70.5M notional and currently showing an unrealized loss of ~$1.245M. Address 0xa5B…01D41 is the largest Hyperliquid ETH long, opening a 60,000 ETH long overnight (approx. $120M notional) at an average entry of $2,059.80, with unrealized losses around $3.12M. Both addresses funded margin by bridging USDC from Tron to Arbitrum and executed trades with similar timing and methods, suggesting they may belong to the same whale or entity. The report is market information only and not investment advice.
Neutral
Large leveraged long positions (95k+ ETH, ~$190M) increase concentrated exposure and liquidation risk, which can amplify short-term volatility but do not by themselves signal a directional market move. The positions are sizeable relative to spot liquidity on derivatives venues but are on a single platform (Hyperliquid) and funded via cross-chain USDC bridges, suggesting concentrated counterparty and bridge risk. Short-term impact: elevated volatility around key ETH price levels and risk of forced deleveraging if ETH declines — traders should watch liquidation price bands and funding rates. Long-term impact: unless more whales add similar positions, this is unlikely to sustainably drive ETH price; however, repeated large leveraged bets can attract arbitrage and hedging flows. Comparable past events: large concentrated leveraged positions (e.g., 2021–2022 DeFi margin events) caused sharp short-term moves and liquidations but didn’t alone determine long-term trend. Actionable trader considerations: monitor Hyperliquid orderbooks/liquidation windows, on-chain margin flows (Tron→Arbitrum bridge), ETH spot liquidity, and funding/futures basis. Use position-sizing and protective hedges due to elevated liquidation risk.