Major Whale Reenters Ethereum Market with $44M Long

A well-known Bitcoin whale has returned to high-stakes trading with a sizable Ethereum position, adding fresh momentum to a market that is only beginning to recover.

According to on-chain data, the trader known as “1011short” deposited $10 million in USDC to the decentralized exchange Hyperliquid before opening a 5x leveraged long position. The move created a $44.15 million exposure backed by 15,000 ETH, marking one of the whale’s largest recent trades.

The entry price for the position was $2,945.83 per ETH, placing the wallet slightly in the red as Ethereum hovers near $2,896. This leaves the position with an unrealized loss of over $38,000. The trade remains active, with a liquidation level of $2,326.6, providing the whale with a sizable buffer amid current volatility.

Market Shows Signs of Rebound After Recent Sell-Off

The whale’s re-entry comes at a moment when the broader crypto market is starting to regain stability. Bitcoin reclaimed the $89,000 level today and is up 1.37% over the past 24 hours. Even so, the asset remains more than 20% below its peak last month, highlighting the depth of the recent correction.

This improving sentiment has also lifted major altcoins. Solana climbed to $137.88, posting a 5.6% daily gain, while XRP rose 8.59% to $2.23.

Liquidations Spike as Prices Rebound

The market’s sharp swing back into positive territory triggered a significant wave of liquidations, particularly for bearish traders. Data from Coinglass shows that $337.86 million in leveraged positions were liquidated in the last 24 hours.

Indeed, the rapid price movements caught many traders off guard, particularly those positioned against the rebound. A total of 112,021 traders were liquidated during this window, with short sellers suffering the heaviest losses.

Nearly $233.05 million in short positions disappeared as prices reversed upward. Meanwhile, long traders also felt some pressure, albeit to a lesser degree, with losses of $104.81 million.

Notably, the largest single liquidation occurred on Hyperliquid DEX, where an $8.61 million BTC-USD order was wiped out.

Bitcoin and Ethereum Lead Liquidation Totals

Reflecting their dominant market positions, Bitcoin and Ethereum accounted for the bulk of these losses. Bitcoin saw $119.17 million in liquidations, while Ethereum followed with $73.34 million.

Overall, these totals highlight continued aggressive use of leverage across the top two cryptocurrencies, even amid heightened uncertainty.