A Hyperliquid-linked whale that earned roughly $200 million during the Oct. 10 crash has opened a new $44.5 million long position in Ethereum, drawing fresh attention from traders as ETH shows mixed technicals.
Key Takeaways:
- A known Hyperliquid whale has taken a new $44.5 million long position in ETH, weeks after profiting massively from the Oct. 10 market crash
- ETH trades around $2,900 as of this writing (10:15AM UTC) with a gain of 3.3% in the last 24 hours, reflecting increasing volumes and cautious optimism.
- Market indicators remain mixed: RSI sits near 53.4, while several trend metrics show a broader bearish bias.
On-chain trackers, including Arkham Intelligence, flagged a major directional bet this week after a wallet associated with Hyperliquid executed a $44.5 million long position in ETH. The same entity gained widespread attention in October after making an estimated $200 million profit by shorting the market just before the sharp downturn.
The wallet’s renewed bet on the upside has stirred debate in the trading community, especially because it reflects a rapid shift from a highly successful bearish trade to a bold bullish position. The size of the long, combined with the wallet’s history of precise timing, has increased speculation about whether this move signals growing confidence in the Ethereum market or opportunistic volatility trading.
Analysts also noted that the wallet has previously been the subject of unverified speculation regarding its ownership, though no confirmed public attribution has been established. Despite rumors, there remains no firm evidence linking the account to any prominent figure.
Analysts Weigh In on the Position’s Significance
Market analysts say the whale’s new position can reflect either a medium-term view that ETH is due for recovery or a shorter-term derivatives play aimed at exploiting funding rates and liquidity imbalances. With derivatives activity rising across major crypto exchanges, large whale positions can influence funding, liquidation levels, and intraday volatility.
But experts remain divided. While some view the move as a possible early signal of renewed accumulation by large traders, others warn that one large directional position does not guarantee directional follow-through, especially in a macro environment where cryptocurrency sentiment remains fragile.
No major research firms have issued formal comments on the whale’s identity or intent, but trading desks are monitoring the position closely given its size and the trader’s past track record.
ETH Price Reacts as Technicals Show Mixed Signals
Ethereum (ETH) is currently reacting positively as traders and investors’ confidence continues to rise. At the time of writing (10:15AM UTC), ETH is trading around $2,893.84, showing gains of approximately 3.3% over the past 24 hours. CoinGecko’s live statistics show that the token peaked intraday highs around $2,979.19 while intraday lows were touched around $2,793.86, which revealed that ETH saw a noticeable increase within the day**.** The uptick reflects improving risk appetite following last week’s consolidation, though the overall trend structure remains uncertain.
From a technical perspective, the 14-day RSI sits near 53.4, signaling neutral momentum. Some moving average signals and aggregated platform indicators still tilt toward a “sell” bias, suggesting the market has not firmly flipped bullish despite the whale’s position.
What’s Next?
The whale’s large directional bet will remain a focal point for on-chain watchers. Any increase in the position size, shift in direction, or accompanying transfers to major exchanges could trigger sharper market moves. Traders should continue monitoring ETH funding rates, futures open interest, and spot flows for signs of trend confirmation.
Whether this whale is calling the next major move or simply exploiting short-term volatility, the position ensures continued market attention as the broader cryptocurrency sector navigates mixed sentiment heading into the final weeks of the year.
Summary
A Hyperliquid-linked wallet that gained about $200M in October has opened a $44.5M long in ETH, prompting debate as Ethereum shows modest gains but mixed technical indicators.
