A Whale Up $29.75 Million on Hyperliquid Just Went Long Ethereum

A Hyperliquid trader with a near-perfect record has just made a large bet the other way, buying Ethereum while much of the market was selling it. Lookonchain's data puts the new long at about 24,000 ETH, worth roughly $60.7 million, and it was already showing about $2.6 million in unrealized profit when the report went out.

The record behind that trade is what made people stop and look. Across 15 closed positions, the trader has taken exactly one loss.

The Bet Landed Near the Low

The new entries sit near $2,420. That is close to where ETH traded earlier on Tuesday, around $2,429, as liquidations swept through the market. Whoever is behind the wallets bought near the bottom of the move instead of chasing it higher.

The liquidation prices for the position sit near $1,272 and $1,513, far below current levels. That distance helps explain how a bet this size can be held through more downside without being forced out.

Fifteen Trades, and One That Lasted a Minute

Most of the profit came from Bitcoin longs, which produced about $28.2 million of the $29.75 million total. The single loss was $3,866 on an ETH short the trader held for one minute. It reads less like a mistake than a quick change of mind.

Four wallets were created about four months before the trade and started trading on Hyperliquid, a decentralized derivatives exchange. The wallets themselves have not been published, so the record rests on Lookonchain's figures rather than on addresses anyone can inspect.

Not every open position is winning. A 10,000 ETH long is down $1.9 million, and a 400 BTC long is down about $97,000. Netting those against the new longs, all four open positions sit about $608,600 in profit.

"Meet this mysterious whale who has won almost all 15 trades, making a total profit of $29.75M!" Lookonchain posted.

The tracker's own framing is worth keeping in view. Fifteen trades is a short record to judge anyone on, however good it looks.

Longs Paid for the Selloff

That same 24-hour window cost leveraged buyers $688.56 million of a $774.14 million liquidation wave. CoinGlass data showed 172,662 traders liquidated, with longs making up 88.9% of the total. Shorts accounted for $85.58 million.

Ethereum led the tally at $169.23 million, 86.3% of it longs. Bitcoin followed at $160.48 million, with longs at 90.2%. Solana saw $60.41 million liquidated, 94.2% of it longs, and the single largest order was a $9.65 million BTCUSDT long on Binance, liquidated at $81,772.75.

Total crypto market cap fell 4.40% to $2.77 trillion. Bitcoin dropped 2.67% to $81,594, and Ethereum lost 4.46% to $2,429.16.

ETF Money Was Already Leaving

US spot Ethereum ETFs had recorded 10 straight days of net outflows, with withdrawals since September 29 totalling about $782.6 million. The streak began right after roughly $437 million of inflows in the week of September 22, and the earlier weekly numbers show how fast the mood turned: Ethereum funds lost $542.1 million in the week ended October 9, their heaviest weekly loss since January.

An earlier tally counted nine straight days and $697.2 million from the same September 29 start, so the day count depends on when it is taken. Either way, money was leaving while the whale was arriving.

What Would Confirm the Bet

ETH traded at $2,526.75 at the time of writing, down 0.99% over 24 hours and 6.39% over seven days.

Analyst Ted Pillows flagged the $2,560 to $2,570 zone as the resistance ETH needs to reclaim, with a possible rally to $2,700 if it does. That is one analyst's read, not something the price has confirmed yet.

The next scheduled test is the September CPI report on Wednesday. Economists expect annual inflation to rise to 3.7% from 3.4%.

The position has room, and the record behind it is short. Whether that record is skill or a good run of luck is the question 15 trades cannot answer.