Earlier today, the largest ETH long position address on Hyperliquid added another 9,000 ETH, bringing the total holdings to 108k ETH, worth $245 million, with an average entry price of $2,271. Previously, this address had nearly fully realized a $10 million unrealized profit, but ETH has fallen back near the cost basis.

This is not an isolated case. Over the past month, multiple whale addresses have continuously increased their ETH holdings, with total holdings exceeding 127k ETH. Meanwhile, Bitcoin broke through $81k, but the altcoin season index rose to 46, and Bitcoin’s market share dropped to 60.8%. The market seems lively, but structural issues are accumulating.
The key lies in leverage. The position size of this whale on Hyperliquid has become large enough to influence market sentiment. If ETH falls below its cost basis, it could trigger a chain of liquidations, intensifying downward volatility. Currently, the ETH/BTC exchange rate continues to weaken, and ETH itself faces structural difficulties—funds are more inclined toward Bitcoin, and ETH’s rise relies more on leverage than fundamentals.
What’s more concerning is that the US April CPI rose to 3.8%, hitting a nearly three-year high, indicating a macro environment unfriendly to risk assets. Bitcoin briefly fell below $80k, though it rebounded afterward, but funding rates and spot prices diverged, and derivatives market signals show excessive long leverage.
This market structure of high leverage and narrow fluctuations has historically ended in sharp corrections. Whale positions are not proof of market confidence but a magnifier of fragility. When everyone bets on the same direction, the cost of a reverse move can be devastating.
$hype #eth #btc