The White Whale Amasses $410M in ETH and SOL Longs on Hyperliquid
The White Whale, a prominent whale trader, has taken long positions totaling approximately $410 million in ETH and SOL on the Hyperliquid derivatives platform. Using one main account and five subaccounts, it holds 63,200 ETH (worth $274 million) and 745,000 SOL ($138 million). Since early July, the trader converted an initial capital of about $21.18 million into a $72.78 million account value, netting $51.6 million in profit. This significant accumulation of ETH and SOL long positions signals strong bullish sentiment and may influence short-term upward price pressure on both assets.
Bullish
The White Whale’s massive accumulation of leveraged long positions in ETH and SOL on Hyperliquid indicates a bullish stance among large traders. Historically, substantial whale buys in derivatives markets have preceded price rallies, as seen with similar events in mid-2023 and early 2024. This $410M position suggests the trader expects further upside in ETH and SOL, potentially driving market sentiment and attracting momentum buyers. In the short term, the large demand for long contracts can increase upward price pressure. However, elevated leverage also raises the risk of forced liquidations in a sharp downturn, which could trigger volatility. Over the long term, sustained whale activity often underpins support levels and signals confidence in fundamentals, especially ahead of network upgrades or ecosystem developments. Traders should monitor funding rates and open interest for signs of changing sentiment and potential liquidation cascades.