Whale Completes Massive Profit-Taking Move
Fresh on-chain data indicates that the most prominent bull trader on the derivatives platform Hyperliquid has closed out all remaining long positions. This concludes a significant profit-taking campaign that captured market attention.
Timeline and Scale of the Operation
The anonymous entity's major accumulation phase occurred between February and March this year. The strategy was characterized by:
- Multi-Address Coordination: Utilizing at least four separate wallets to establish positions.
- Massive Exposure: Accumulating long contracts for 120,000 Ethereum (ETH) and 1,500 Bitcoin (BTC).
- Peak Value: The total notional value of these positions approached $398 million at its height.
Precise Entry and Exit Points
The trader demonstrated notable timing in executing the strategy:
- Ethereum (ETH) Trades: Positions were opened between $2,000 and $2,150, with profits taken around the $2,390 level.
- Bitcoin (BTC) Trades: Longs were initiated near $68,420 and closed approximately at $74,700.
The unwind process began following the notable market rebound in mid-April and was finalized recently with the closure of the final 25,000 ETH contract. This series of moves has undoubtedly locked in substantial profits for the whale, with the precise exit timing sparking considerable discussion among market observers.