Ethereum Whale Builds $20M Long Bet on ETH Price Rise

An Ethereum whale linked to OTC crypto desk BIT has built an 8,000 ETH long worth nearly $20 million after recovering from a $92.5 million drawdown.

The trader initially deposited $10 million in USDC into a newly created Hyperliquid wallet before opening a leveraged ETH long.

Lookonchain first spotted the position at 7,000 ETH, with the whale subsequently adding another 1,000 ETH.

The wallet now holds 8,000 ETH at an average entry price of about $2,491.58, according to data tracker Hypurrscan.