Bitcoin Whales Bet Big on BTC and ETH Through Hyperliquid

A whale trader has placed a massive bet on Bitcoin and Ether through Hyperliquid, a decentralized derivatives exchange.

The trader, identified by on-chain analyst EmberCN, opened long positions in 1,000 Bitcoin and 38,000 Ether between August 27 and early August 28.

The average entry prices for the positions were $78,758 for Bitcoin and $2,478.6 for Ether, resulting in a total value of approximately $173 million at the time.

However, with both cryptocurrencies trading below their average entry prices, the trader's positions are now showing an unrealized loss of about $2.39 million.