According to on-chain data monitored on February 26, a major ETH whale currently holds a leveraged ETH long position with a floating profit of $5.26 million, representing a 53% gain. The wallet holds approximately 70,000 ETH, valued at around $144 million, with an average cost of $1,991 per ETH, making it the largest ETH long position on Hyperliquid.
Historical records show that on February 9, the whale opened a position of around 60,000 ETH at an average price of $2,086. Shortly after entering the market, the price dipped. However, when ETH rebounded to around $2,100 on February 14, the whale sold nearly half of its holdings (about 29,000 ETH), securing a profit of $1.31 million.
As prices declined afterward, the whale didn’t panic-sell but instead gradually repurchased ETH in the $1,868 to $1,990 range over the next ten days, effectively rebalancing the position. Through this tactical maneuvering, the whale successfully lowered the average cost from $2,086 to $1,991 per ETH, reducing the cost base by nearly $90 per ETH.
Benefiting from ETH’s recent rally, the whale’s position has once again entered profitability, with gains reaching $6.6 million in the past week. Previously, the whale had held a long position worth over $100 million in ETH, which was fully closed in February with around 60,000 ETH sold. Afterward, the whale resumed its strategy of trading large volumes with precise buy-low, sell-high tactics.