Whales trading on the decentralized derivatives platform Hyperliquid are increasing leveraged long positions on Bitcoin and Ethereum as BTC rebounds toward $71,000, fueling expectations that the cryptocurrency could soon challenge the $75,000 level.
Activity on the perpetual futures exchange shows traders becoming more aggressive with leverage following bitcoin’s sharp rally earlier this week. BTC climbed to roughly $71,000 on Tuesday after opening near $65,000 when futures trading resumed Sunday evening.
The recovery has revived speculation that bitcoin could revisit recent highs after failing to sustain gains near $74,000 last week.
On-chain data indicates several large traders — commonly referred to as whales — are building sizable leveraged long positions on Hyperliquid as prices move higher.
One trader currently holds combined long positions in bitcoin and ether valued at around $194 million, with unrealized profit and loss hovering near $6.5 million. Another wallet has accumulated roughly $103 million in long exposure across multiple trading pairs, signaling a bet on a wider crypto market breakout rather than a rally led solely by the largest assets.
Trades on Hyperliquid are typically executed with leverage, allowing traders to control positions significantly larger than their capital. In one instance, a wallet used 20x leverage to open a series of trades — meaning a $1 million account could command a $20 million bitcoin position. The trader established 20x leveraged longs on 600 BTC worth about $42.5 million while also opening a 20x long position on 20,000 ETH valued at roughly $41.2 million.
The same whale also appears to be accumulating ether in spot markets. Blockchain data shows the address spent about $21 million in USDC to purchase 10,158 ETH at an average price of $2,067 shortly before entering the derivatives trades.
The emergence of multiple nine-figure positions suggests many traders believe the current rally could develop into a sustained breakout rather than another short-lived bull trap like the one seen last week.
Not all participants share the same outlook, however. Another wallet, identified as 0x985f, appears to be taking a different macro stance. The address deposited $9.5 million in USDC into Hyperliquid within a five-hour window before opening 20x leveraged short positions tied to oil markets, including roughly $8.17 million in crude oil contracts and $6.15 million in Brent oil futures.
The same trader also initiated short positions across several crypto tokens — including HYPE, PUMP, XPL, APT and ASTER — indicating a bearish outlook on select altcoins even as large traders concentrate bullish bets on bitcoin and ether.
The positioning underscores how decentralized derivatives venues like Hyperliquid are becoming key hubs for large leveraged trades during periods of strong momentum in bitcoin.
If bitcoin breaks above $75,000, short sellers could be forced to cover their positions, potentially accelerating the rally. A move lower, however, would quickly test the conviction of traders currently holding massive leveraged longs.
