Hyperliquid Wallet Takes ETH Long Position as Prices Surge

A new wallet has opened a significant long position in Ethereum on Hyperliquid, a decentralized exchange. According to Lookonchain's report, the wallet deposited approximately ¥3.2 billion in USDC and applied 4x leverage to build a 20,000 ETH long position.

The unrealized gains from this position top ¥1 billion at the time of posting. This massive position is attributed to Ethereum's sharp rally on August 20, with prices briefly surging to $2,311.8 on Bitstamp.

This surge marked a gain of approximately 20% from the previous day's close of $1,916.5 and was the first time ETH reclaimed the $2,000 level in about two months.