Hyperliquid Whale Holds Nearly 80% of Large-Wallet XRP Longs

35 Million XRP on a 10x Cross Long

An unidentified wallet on Hyperliquid is holding a long position of 35.03 million XRP, a bet worth $44.05 million at current marks and the largest counter-trend trade visible on the decentralized perpetuals venue while the XRP price trades near $1.25. The position carries an average entry of $1.1298 and runs on 10x cross leverage, and derivatives open interest data places it, under the address 0x31b1ecf848443472e34d204a134812d86ab01434, at the center of a book where most large accounts lean the other way. At the peak of Tuesday morning's momentum the unrealized gain on the trade exceeded $4.47 million, a net return of more than 101% on the margin committed to it. The account's wider record is less flattering: on-chain records show its net profit and loss over the past 30 days has fallen by $8.45 million, so the current long is fighting a drawdown left by earlier trades rather than banking a clean streak. The number that decides whether it survives is the forced-liquidation threshold, set at $0.9626, about 23% below the last quoted price of roughly $1.2558. At 10x leverage, a slide of that size would close the position automatically and consume the margin behind it. The token has spent recent sessions inside the $1.25 support zone after a dip to $1.20 last week, which puts the trade's break-even and its survival line on the same stretch of chart. For a market hunting for signs of dip-buying, the position has become the main barometer of XRP's short-term resilience, even though it rests on one account's appetite for risk.

The backdrop explains why the trade draws attention. Derivatives data shows 94,997 traders were forcibly liquidated over the past 24 hours for a combined $386.42 million, and 88% of the losses, $339.92 million, fell on long contracts, with Bitcoin leading the closures at $100.74 million and Ethereum following at $49.31 million. Altcoins slid with them, with NEAR printing $3.79 and BNB $697.67. The US spot ETF complex stayed bearish as well: Bitcoin funds recorded $398.62 million in net daily outflows, led by Fidelity's FBTC at $164 million, while 44,857 ETH left spot Ethereum funds. The closures stretched across the product line: SOL funds lost 129,190 coins on the day, while specialized HYPE and ZEC funds shed 85,070 and 13,530 coins respectively. XRP exchange-traded products shed 128,540 tokens, and Canary Capital's XRP ETF had already posted a $529,500 net daily outflow of its own, while combined assets under management across crypto ETFs stand at $95.83 billion. Operators pulled liquidity from volatile instruments ahead of the United States midterm elections, and market makers cut leverage before the vote. The positioning split among large wallets is just as lopsided. Of roughly $4.5 billion in open positions held by wallets with $1 million or more, shorts account for $3.08 billion against $1.46 billion in longs, and addresses carrying $50 million or more are almost uniformly betting on further declines. XRP longs among large Hyperliquid wallets total $55.70 million against a short wall of $80.93 million, which is how a single 35 million-token long comes to dominate its side of the book. Off the derivatives venue, the crypto exchange Binance logged a record $15.4 billion weekly net outflow after the $6.3 billion hack the FBI attributed to North Korean state cyber units, and lawyers at Reed Smith and Lathrop GPM concluded the exchange's insurance policies will not cover the damage. Founder Changpeng Zhao used his statements on AI-driven cyberattacks to argue that commercial banks, hampered by outdated IT architecture, are more exposed than crypto platforms.

@WatcherGuru · X post

Statements on AI-driven cyberattacks.

View on X

One Wallet, Not a Whale Consensus

The concentration is the part of the story that matters most. Nearly 80% of large-wallet XRP longs on Hyperliquid belong to a single account, so the headline figure measures one wallet's conviction, not a broad turn in sentiment, and it sits across from $80.93 million in short positions held by the same cohort. The math is unforgiving: longs were already the majority of Tuesday's $386.42 million in forced closures, and a slide of roughly 23% to $0.9626 ends the trade on its own, a level our XRP technical analysis has tracked through the week's dip. One long does not reverse bear-market positioning across the rest of the book. The figure settles the size of the bet; it does not settle whether the bet pays.