This Hyperliquid Whale Holds a $676M ETH, SOL, BTC Long and Is Deep in the Red

Whale on Hyperliquid holds $676M in Ethereum, Bitcoin, and Solana longs, now facing $54.81M in unrealized losses.

A large whale trader on the derivatives exchange Hyperliquid is holding open long positions in Ethereum (ETH), Solana (SOL), and Bitcoin (BTC) worth approximately $676 million. These trades are currently showing an unrealized loss of nearly $55 million, and the account is closely watched across crypto circles. 

Despite the size of the position, the liquidation price for the ETH long is still far below current market levels, giving the trader some breathing room.

ETH Long Position Faces Pressure Despite Large Size

This wallet is currently the largest ETH long holder on Hyperliquid, with over $550 million worth of open positions.

Despite this, the position is now down over $34 million due to recent ETH price drops. The trader did buy some of the dip, but the added size was not enough to balance the loss.

Moreover, the liquidation price for this ETH long is $2,082, which is still far below current ETH levels. This gives the whale some breathing room, but the market could shift quickly in the coming days.

As of now, the position remains open, and no major changes have been made to reduce risk.

So far, this wallet has not made any large moves in response to the drawdown.

However, the overall account is now down about 32%, totaling more than $42 million. This loss has not triggered panic selling, but it may lead to a shift in strategy soon.

As the market remains uncertain, many are closely following the whale’s next actions. Whether the position is adjusted or left unchanged could hint at the trader’s confidence or tolerance for risk.

Exposure Extends to BTC and SOL Alongside ETH

Along with ETH, the whale is also long on Bitcoin and Solana, adding to the total exposure of $675.86 million. This makes the wallet one of the largest visible long positions on the entire Hyperliquid exchange.

The size of the position has raised interest from both retail and institutional observers.

These positions were likely built over time, possibly during previous rallies or dips. On-chain data suggests the wallet has made multiple entries into the market over recent months. However, recent volatility has affected all three positions, not just ETH.

The current drawdown reflects the risk of holding leveraged positions during unstable market conditions. Despite that, the wallet has not shown signs of exiting the market. This could mean the trader expects a recovery in the near term.

At this point, there is no clear sign of the wallet reducing size or shifting strategy. Many are watching to see if this changes after December 19, when key market events may impact prices.

Related Reading: Whale Splashes Millions on Hyperliquid: What’s Next for HYPE Price?

Market Outlook Before December 19 Federal Reserve Update

Many traders are pointing to the December 19 U.S. Federal Reserve meeting as a key point for risk markets.

With the current macro uncertainty, crypto assets have seen increased volatility, especially among leveraged players. Some traders expect a short-term relief bounce before a potential wider sell-off.

The whale’s position remains exposed to further losses if prices continue to trend down without recovery. Current market sentiment is mixed, and large leveraged accounts like this one face high funding costs and potential price slippage.

While these positions are still far from liquidation, drawdowns of this size are not uncommon in high-leverage environments, one trader commented on X. The account remains a key area of focus for market analysts monitoring large flows on Hyperliquid.