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On Hyperliquid, an unknown large trader is once again causing a stir. The mysterious player is placing a big bet on a rise in Ethereum: €38.6 million.
The move stands out because the same trader correctly predicted the massive crash in October.
Crypto trader bets millions on Ethereum #
The large trader, also known as a whale, has opened a so-called long position. With a long position, a trader bets on an expected increase.
Such leveraged positions increase the potential profit, but also carry significant risk: a relatively small price movement in the wrong direction can lead to liquidation and large losses.
The whale has bet as much as $44.5 million (€38.6 million) on a price increase.
While the size of the position is notable, there is another reason. This whale is no stranger.
During the market crash on October 10, he bet as much as €775 million on a decline in Bitcoin and Ethereum.
That achievement has given him a reputation within the crypto community as someone who remarkably times market turning points. That makes his current long position all the more striking.
THE $10B HYPERUNIT WHALE JUST LONGED $40M $ETH The OG Whale who made $200M shorting the market before the 10/10 crash just moved $10M to Hyperliquid and LONGED $ETH. He is currently long $44.5M of ETH and is up over $300K in less than an hour. pic.twitter.com/vwiVXlrELS — Arkham (@arkham) November 24, 2025
Signal to the market or pure speculation? #
The platform Hyperliquid, where much derivatives trading takes place, is known for its transparent display of positions. As a result, large trades and leveraged positions are noticed almost immediately by the broader market.
Large positions of this magnitude are typically noticed quickly, especially when trading with significant leverage.
A construction like this can make the market more sensitive to sharp movements: in the event of an unexpected decline, the chance of forced liquidations increases, which can further strengthen volatility.
Who is behind the position is not known. However, it is clear that large orders on a transparent platform like Hyperliquid immediately influence sentiment and attract the attention of other traders.
With this new bet, the whale is once again at the center of the market discussion. How the position develops depends entirely on the direction Ethereum takes in the near future.
Earlier in Ethereum news, you read that the world’s largest asset manager has started preparations for a new Ethereum fund.