Whale Opens $33M Ethereum Long With 20x Leverage on Hyperliquid

Whale wallet opens $33M Ethereum long with 20x leverage on Hyperliquid as BitMine and institutions continue ETH accumulation.

A newly created whale wallet has drawn attention after opening a $33 million Ethereum long position on the Hyperliquid platform using 20x leverage.

On-chain activity shows this high-risk trade could influence short-term market movements, especially as large entities continue accumulating ETH despite market volatility.

New Wallet Deposits $12.88M USDC to Hyperliquid

Blockchain data from Lookonchain shows that wallet address 0x6C85 was funded with $12.88 million in USDC.

The wallet then used the capital to open a highly leveraged long position on Ethereum through the Hyperliquid decentralized perpetuals exchange.

The position amounts to 16,270 ETH, valued at about $33.38 million. The leverage used was 20x, which increases the trade’s exposure and risk.

The trade was placed around the $2,020 to $2,040 price range. After entry, the position showed unrealized losses of over $1 million. The wallet was created just hours before placing the trade.

Monitoring platforms suggested the wallet may receive more funds to either average down or increase exposure.

The size and timing of the trade have sparked market interest due to its possible effect on ETH short-term price direction.

BitMine Accumulates Ethereum Despite Unrealized Losses

Alongside this high-leverage move, BitMine, an Ethereum treasury entity, also continued purchasing ETH.

Lookonchain reported that the firm bought $84 million worth of ETH recently. This added to its total holdings of 4.32 million ETH, which is valued at over $9.14 billion.

Despite facing $8 billion in unrealized losses, BitMine continues to increase its ETH exposure.

The company acquired the recent tranche in two batches, purchasing 20,000 ETH from FalconX and another 20,000 ETH from BitGo.

A report from Arkham Intelligence confirmed these purchases occurred within the same period.

BitMine is reportedly aiming to own 5% of Ethereum’s total circulating supply and is already 72% toward this goal.

Analyst Tom Lee stated that such unrealized losses were expected and that the firm’s long-term strategy remained unchanged.

Related Reading: Ethereum Foundation Joins SEAL to Strengthen Defense Against Wallet Drains

Ethereum Price Movement and Institutional Sentiment

Ethereum is showing signs of recovery after forming a base above $1,950. The price broke through key resistance levels at $1,980 and $2,000, and then climbed as high as $2,168.

ETH is now trading above $2,050 and is staying above the 100-hour Simple Moving Average.

Price charts show a break above a bearish trend line with resistance at $2,070. If momentum continues, Ethereum may test the $2,150 level again.

Further resistance is expected at $2,250, and a strong move above this point could drive ETH towards $2,350 or higher in the near term.

Meanwhile, institutions continue to back Ethereum for long-term use. BlackRock called Ethereum the “toll road” for tokenization in its 2026 thematic outlook.

Ethereum currently powers around $11.6 billion of the $21 billion total value locked in real-world asset (RWA) tokenization.

More companies are expected to build on Ethereum because of its existing infrastructure and liquidity.

The ADI Foundation also partnered with M-Pesa to help 60 million users gain access to blockchain features through the Ethereum network.

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