Hyperliquid Whale Places $173 Million Bullish Bet on Bitcoin, Ether

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A whale trader holding the largest bullish position on decentralized derivatives exchange Hyperliquid has placed about $173 million in bets on Bitcoin and Ether.

On-chain analyst EmberCN said on August 28 that wallets linked to the trader opened long positions in 1,000 Bitcoin and 38,000 Ether between the previous day and early August 28. The average entry prices were $78,758 for Bitcoin and $2,478.6 for Ether. Based on those levels, the positions were worth about $78.76 million and $94.19 million, respectively.

With both cryptocurrencies trading below their average entry prices, the positions are now showing an unrealized loss of about $2.39 million. The trader recently closed earlier Bitcoin and Ether long positions for a profit of $61.72 million before betting again on further gains.