Whale Boosts ETH Longs: 8.58 Million USDC Deposited into Hyperliquid with 2x Leverage

On May 8th, COINOTAG reported a significant movement in the cryptocurrency market as a notable investor, often referred to as a whale, deposited 8.58 million USDC into the decentralized exchange Hyperliquid. This strategic maneuver aims to leverage a long position on Ethereum (ETH) using a 2x margin. The entry price for this transaction was set at $1,930.41, which reflects a calculated approach to capitalize on current market sentiments. The whale’s position now holds an impressive unrealized profit of $354,000. Such activities underscore the growing interest and confidence in Ethereum as an investment vehicle, especially amidst fluctuating market conditions. Investors keen on cryptocurrency should monitor similar trends, as they can indicate potential price movements and market dynamics.