Big Whales Drive Market Action with Multi-Million Dollar Bets on ETH and SOL
Large investors in the cryptocurrency and financial markets are making significant moves, according to on-chain data. Three high-volume traders have recently taken multi-million dollar positions in ETH, SOL, HYPE, and CXMT.
One whale made a substantial profit by opening a long position in Ethereum early in the current rally. The investor purchased 20,000 ETH when the price was around $1,936, growing the size of the position to approximately $50 million. This resulted in an unrealized profit of over $11 million.
The whale then shifted its focus to Solana, opening a new long position of 100,000 SOL using 20x leverage. The entry price was around $104.5, and the total position size is approximately $10.45 million.
A second large investor caught attention with aggressive purchases of Hyperliquid's native token, HYPE. This whale or institution may be connected to a16z, but this claim has not been confirmed. The investor had previously purchased $24 million worth of HYPE tokens in June when the price was around $68.7.
In the past 24 hours, 36 million USDC have been deposited into the Hyperliquid platform via 12 different addresses believed to be linked to the investor. Approximately $24 million of these funds have been used so far to purchase HYPE, resulting in a total position size of 282,090 tokens.