Leveraged bulls lost $688.56 million to liquidations in a single day as Ethereum (ETH) and Bitcoin (BTC) slid. One Hyperliquid whale with a near-flawless record has stepped into that selloff with a big long bet.
The trader has opened ETH longs worth about $60.7 million. Those positions already sit on roughly $2.6 million in unrealized profit, Lookonchain data showed.
The Bitcoin Trades Behind a $29.75 Million Record
The whale built that record quickly. It created 4 new wallets about 4 months ago and began trading on Hyperliquid, a decentralized derivatives exchange.
Since then, the trader has closed 15 trades with only 1 loss, according to data shared by Lookonchain. That loss was $3,866 on an ETH short held for 1 minute.
Most of the whale’s profit came from BTC longs, which brought in about $28.2 million of the $29.75 million total.
“Meet this mysterious whale who has won almost all 15 trades, making a total profit of $29.75M!” Lookonchain posted.
However, 2 of the whale’s older positions are still losing money. A 10,000 ETH long shows a $1.9 million loss, while a 400 BTC long is down about $97,000.
Hyperliquid Whale’s Open Ethereum and Bitcoin Long Positions. Source: X/Lookonchain
After netting those losses against the new longs, all 4 open positions sit about $608,600 in profit.
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Ethereum ETF Investors Head for the Exit as the Whale Piles In
The whale is betting on an asset that has swung sharply over the past week. ETH traded at $2,526.75 at press time, BeInCrypto Markets data showed.
That price leaves ETH down 0.99% over 24 hours and 6.39% over 7 days.
Ethereum (ETH) Price Performance. Source: BeInCrypto Markets
ETH dipped near $2,429 earlier on Tuesday as liquidations swept the market. The whale’s new entries, near $2,420, sit close to that level.
Meanwhile, US spot Ethereum exchange-traded funds (ETFs) have moved the other way. They have recorded 10 straight days of net outflows, according to SoSoValue data.
Withdrawals since September 29 total about $782.6 million. The streak began right after roughly $437 million in inflows during the week of September 22.
On the charts, analyst Ted Pillows flagged the level ETH needs to clear for a bigger move.
$ETH is back above the $2,550 level.
Ethereum is facing resistance around the $2,560-$2,570 zone, and if ETH reclaims it, a rally to $2,700 could happen. pic.twitter.com/QbUT1SFvEm
— Ted (@TedPillows) October 12, 2026
If ETH stalls below the $2,560 to $2,570 zone, the whale still has room. Its liquidation prices sit near $1,272 and $1,513, far below current levels.
The next test comes from US inflation data. The September Consumer Price Index (CPI) report lands on Wednesday.
Economists expect annual inflation to rise to 3.7% from 3.4%. A hotter print could pressure leveraged longs, while a softer one could support ETH’s rebound.
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The post The Whale Behind $29.75 Million in Wins Just Went Long on Ethereum appeared first on BeInCrypto .
