Holding $191 million in long positions! The "mysterious whale" bets on BTC and ETH prices continue to soar

As the cryptocurrency market experienced a strong rebound earlier this week, Hyperliquid traders’ long sentiment has surged again, with leveraged positions betting heavily that Bitcoin will break through the $75,000 mark.
Looking back at the market trend, Bitcoin surged to around $71,000 on Tuesday evening, a remarkable increase from the $65,000 level earlier that day. Last week, Bitcoin faced resistance near $74,000 and pulled back, but this rapid rally has reignited expectations of Bitcoin challenging previous highs.
Behind the soaring prices, large capital inflows are often a key driver. On-chain data shows that as prices steadily rise, several whales have opened high-leverage long positions on the Hyperliquid platform, betting on a breakout.
Most notably, one “mysterious whale” holds long positions in Bitcoin and Ethereum worth a total of $191 million, with unrealized profits of $3.23 million.
Another major holder has long positions totaling $106 million across multiple trading pairs, indicating that this trader is optimistic about a broad crypto market rally rather than just Bitcoin or Ethereum leading the charge.
On Hyperliquid, traders typically use leverage to amplify their positions. For example, one whale is long 600 Bitcoin with 20x leverage, with a position worth approximately $41.83 million.
These multi-million dollar long positions send a strong signal to the market: seasoned crypto traders believe this rebound will stabilize and avoid the “false breakout” trap seen last week.
However, another wallet address, “0x985f,” is taking a completely different approach. Within just five hours, it transferred $9.5 million USDC to Hyperliquid and then opened large short positions on oil futures with 20x leverage. Its shorts include about $8.17 million worth of Light Sweet Crude Oil (CL) contracts and $6.15 million in Brent oil contracts.
Additionally, this trader has shorted tokens like HYPE, PUMP, XPL, APT, and ASTER, indicating a broader bearish stance on some competing coins, while other large traders prefer to go long on Bitcoin and Ethereum.
Overall, these massive positions highlight the rapidly rising influence of decentralized derivatives platforms in the market. Platforms like Hyperliquid are increasingly becoming key battlegrounds for whales to conduct high-leverage speculation and directional bets.