A trader on decentralized derivatives exchange Hyperliquid has opened a fresh Ethereum (ETH) long position worth approximately $60.7 million, even as cryptocurrency markets contend with heavy selling pressure and widespread liquidations of leveraged bullish bets.

The new position covers 24,000 ETH and had already generated roughly $2.6 million in unrealized profit at the time of reporting. On-chain tracking data shows the whale entered the market near $2,420, positioning for a potential Ethereum recovery despite recent volatility. Because Hyperliquid operates as a decentralized venue where trades settle on-chain, large positions like this one are publicly visible, offering observers a real-time window into how well-capitalized traders are positioned.

The move came during a punishing stretch for leveraged traders. Liquidations — the forced closure of leveraged positions when margin no longer cover losses — swept through the market: long positions absorbed $688.56 million in liquidations over 24 hours, while the broader liquidation wave reached approximately $774.14 million, underscoring the risks of holding leveraged upside bets through a market downturn. Opening a large new long into that backdrop stands out precisely because much of the market's leveraged upside was being unwound at the same time.

A Track Record Built Largely on Bitcoin

The account behind the trade has compiled an unusually strong record. The whale established four new wallets approximately four months ago and began trading on Hyperliquid, and has since completed 15 trades with only one reported loss.

That sole losing trade was an Ethereum short held for about one minute, which cost just $3,866. Closed positions on the account have produced approximately $29.75 million in cumulative profits, with Bitcoin (BTC) longs contributing roughly $28.2 million of that total, making Bitcoin the primary source of the whale's reported success.

The trader's open book is more mixed. A 10,000 ETH long is down approximately $1.9 million, while a 400 BTC long has lost around $97,000. Even so, the combined unrealized result across four open positions stood at approximately $608,600 in profit in the reported snapshot.

Ethereum Faces Resistance Despite Whale Buying

Ethereum has experienced considerable volatility over the past week. After falling to near $2,429 during the liquidation wave, ETH recovered above $2,500, though it remained down approximately 6.39% over seven days in the latest reported market snapshot.

Investor flows present an additional headwind. U.S. spot Ethereum exchange-traded funds have recorded 10 consecutive days of net outflows, with withdrawals totaling approximately $782.6 million since September 29. The overlap is notable: fund investors were reducing ETH exposure across the same stretch in which this whale scaled up leveraged upside, a split in behavior between two segments of the Ethereum market.

Market analyst Ted Pillows identified the $2,560 to $2,570 range as a key resistance zone. A sustained move above that area could open the way toward $2,700, although further selling could undermine a recovery.

The whale's aggressive position signals confidence in an Ethereum rebound, but it does not guarantee a market reversal. Unrealized profits can disappear quickly, particularly when cryptocurrency prices move sharply. Near-term developments that could add clarity include whether the ETF outflow streak extends and how the whale manages a book that remains visible on-chain.

Source: CryptoMeter io