The infamous trader known as the “Hyperliquid 50x ETH whale” has made a notable return, recently entering a leveraged position valued at approximately $70.86 million. Utilizing Hyperliquid’s trading platform, the whale opened a long position of 47,253 ETH with a 20x leverage following the sharp downturn in Ethereum’s market price. The trade entry at roughly $1,459 per ETH placed the liquidation threshold at around $1,391.
Earlier today, on April 7 at approximately 11:00 AM UTC, the whale concluded the position, securing profits of approximately $1.87 million. Prior to closure, data indicated that the position’s profit had peaked as high as $4.52 million within a few hours.
This trade marks a reemergence of the trader after a month’s inactivity, drawing renewed attention given Ethereum’s current volatility. As of now, Ethereum has sustained significant losses, declining nearly 17% in the last 24 hours to its current trading price around $1,487, marking the first occasion ETH has dipped beneath the pivotal $1,500 level since March 2023. Market capitalization followed suit, dropping more than 18% in response to the price decline.
The whale had previously gained notoriety on Hyperliquid in March after placing a leveraged long bet of 175,000 ETH at 50x leverage, an extremely high-risk position valued at approximately $340 million at the time. This substantial entry nearly destabilized the trading platform. After partially closing the position at 15,000 ETH and withdrawing more than 17 million USDC in margin, the platform automatically liquidated the remaining 160,000 ETH position at $1,915. Hyperliquid consequently absorbed more than $4 million in losses due to the liquidation size. Despite this, the whale emerged with a net profit close to $1.8 million from the initial dramatic move.
In response to that incident, Hyperliquid subsequently lowered its available maximum leverage limits for Bitcoin and Ethereum positions to 40x and 25x, respectively, hoping to avoid similar future disruptions.
