Hyperliquid Whale With One Loss in 15 Trades Opens $60.7 Million Ethereum (ETH) Longs

A $29.75 Million Record Buys the Dip

A four-month streak of near-flawless trading on Hyperliquid has carried a mystery whale into its biggest Ethereum (ETH) bet yet, timed to the sharpest flush derivatives markets have seen in days. The trader opened longs worth about $60.7 million while forced selling swept the venue, and on-chain data shared by Lookonchain's post on X shows the new positions already sit on roughly $2.6 million in unrealized profit. The backdrop was violent. Forced unwinds stripped $688.56 million from leveraged bulls in a single session as Ethereum and Bitcoin slid together, and a liquidation, in this setting, is the forced closure of a leveraged position once its margin can no longer cover losses. The Ethereum (ETH) price dipped near $2,429 early on Tuesday before recovering to about $2,526.75 at the time of writing, leaving the coin down 0.99% over 24 hours and 6.39% over the past week. The whale's fills near $2,420 sit almost exactly at that intraday low.

@lookonchain · X post

Lookonchain's post on X.

View on X

The new bet is a leg of a run, not a one-off. The same on-chain record shows the trader created four wallets around four months ago and has traded on Hyperliquid, a decentralized derivatives exchange, ever since. Fifteen trades have been closed in that span and fourteen of them won; the only loss was a $3,866 short on Ethereum (ETH) held for exactly one minute. Cumulative profit stands at $29.75 million, of which about $28.2 million was earned on Bitcoin longs rather than on Ethereum. Few accounts on the venue carry a record that clean, which is why the fresh exposure drew attention the moment it appeared on-chain.

Two Older Longs Still Under Water

Pulling the whole book together gives a less one-sided picture than the topline profit suggests. The whale's older positions are still under water: a 10,000 ETH long shows a loss of about $1.9 million, and a 400 BTC long is down roughly $97,000. Netting those against the fresh longs leaves all four open positions about $608,600 in profit combined, a thin cushion for a book of this size. The risk side, however, sits far below the market. The same on-chain record puts the whale's liquidation prices near $1,272 and $1,513, meaning a further slide of several hundred dollars would still leave the positions intact.

The flow around Ethereum has been running the other way for days. United States spot Ethereum (ETH) exchange-traded funds (ETFs), which hold the asset directly so that sustained redemptions translate into selling pressure on the coin itself, have recorded 10 straight days of net outflows, with withdrawals since September 29 totaling about $782.6 million. The streak began right after roughly $437 million of inflows during the week of September 22, and recent sessions have included an outflow day led by BlackRock's ETHA. Price has paid for the exit, with ETH having slipped below $2,500 on OKX in recent sessions. Analyst Ted Pillows flagged the $2,560 to $2,570 zone as the level ETH needs to clear for a larger move, the same breakout test toward $2,700 our coverage has tracked, and a threshold that frames our Ethereum technical analysis of the range. The next scheduled test is macro. The September Consumer Price Index (CPI) report lands on Wednesday, and economists expect annual inflation to rise to 3.7% from 3.4%. A hotter print would pressure leveraged longs across the market, while a softer one would support the rebound the whale is positioned for.

A 1% Cushion Over a Deep Buffer

What separates this position from the streak behind it is the holding period. The winning legs on record were mostly short, fast rounds of margin trading, capped by a loss held for a single minute; the fresh $60.7 million long is a swing bet held through a market that just cleared $688.56 million of leverage out. The arithmetic is the point. A combined cushion of about $608,600 is roughly 1% of the notional, so the position's fate rests on whether ETH reclaims the $2,560 to $2,570 zone and on Wednesday's CPI print, not on the whale's past win rate. The liquidation prices near $1,272 and $1,513 buy time, not confirmation. Whether a 16th closed trade joins the streak is what the coming sessions decide; for now, the new long is simply the last leg on record.