Hyperliquid 50x Whale Strikes Again: Scores $2M Profit with New ETH Long Position

The legendary 'Hyperliquid 50x whale' is back, making waves with a fresh long position of 47,253 ETH, cranked up with 20x leverage. This daring move has already netted the trader a cool $2 million in profit.

After laying low for a month, this whale pounced on the recent Ethereum (ETH) price dip, opening a massive long position on Hyperliquid. We're talking 47,253 ETH, valued at around $70.86 million, with an entry price of $1,459 and a liquidation price of $1,391. Talk about high stakes!

Just hours ago, on April 7 at around 11:00 AM UTC, the whale closed out its ETH long position, pocketing a sweet $1.87 million profit and pulling out $6.3 million back to Arbitrum (ARB). On-chain data shows the whale's long position hit a peak profit of $4.52 million before pulling back within a few hours. That's some rollercoaster ride!

Ethereum's been on a wild ride too, dropping nearly 17% in the last 24 hours. Right now, ETH is trading at $1,487, the first time it's dipped below $1,500 since March 2023. The market cap took a hit too, falling over 18% after the price plunge.

The origins of the Hyperliquid 50x ETH whale

This anonymous trader earned the nickname "Hyperliquid 50x ETH whale" after pulling off a jaw-dropping move on March 12. They opened a long position of 175,000 ETH with 50x leverage, valued at around $340 million. It was so huge, it nearly crashed the liquidity platform!

After closing out 15,000 ETH, the whale yanked out around 17.09 million USDC in margin back to their address. But when the margin was pulled, it triggered an automatic liquidation of the remaining 160,000 ETH. Whoa!

With such a massive liquidation, Hyperliquid's vault had to step in at $1,915 and try to unravel the mess. In the end, Hyperliquid took a hit of over $4 million. Ouch!

But even after that epic liquidation, the whale still walked away with a net profit of around $1.8 million. Not bad for a day's work! To avoid another wild ride like this, Hyperliquid announced they're lowering the max leverage for BTC and ETH to 40x and 25x respectively. Buckle up, crypto world, the Hyperliquid 50x whale is still out there, ready to make some serious moves!