BIT-Linked Addresses Boost Ethereum Long Position to 29,500 on Hyperliquid

BIT-linked addresses have increased their long position on Ethereum (ETH) to 29,500 units on Hyperliquid exchange. According to on-chain data provided by analyst ai_9684xtpa, this cluster added an 8,000 ETH long position during a market decline at an average entry price of $2,440.49 per ETH.

This purchase brings the cumulative position to 29,500 ETH, valued at approximately $72 million. However, with recent volatility in the market, the current unrealized losses total around $1 million.

The decision to increase the long position during a price dip suggests confidence in ETH's medium-term outlook. This strategic bet on a rebound comes with inherent risks, especially in a market known for sharp fluctuations.