Hyperliquid Trader Longs ETH While Its Price Drop Below $1,500

While ETH price drops below $1,500 in the latest market turmoil, a trader on Hyperliquid has decided to play against the market and opened a $70 million long position. 

As per the HypurrScan data, the trader deposited 4.52 million USDC to Hyperliquid and opened a long position on ETH with 20X leverage. This puts the trade size to 47,253 ETH (approximately $70 million) with an opening price of $1,459 – which could potentially be seen as lowest if ETH bounce from here. 

The trader has a liquidation price of $1,391.85, meaning that if ETH price further declines to this level – nearly 6.6% from the current price level – the position will be liquidated and the trader will lose all their funds. 

At the time of writing, ETH is trading near $1,501 and the trader is in profit of nearly $2 million. 

Hyperliquid Trader – Source: HypurrScan

Ahead of the Monday opening in the U.S. stock markets, the crypto market is going through increased volatility and this trader’s ETH bet is likely to yield mammoth profit if the market turns bullish.