Ether (ETH) has been under persistent selling pressure in recent days, dropping more than $100 each day. On-chain analyst Yu Jin reported that the largest ETH long position on the decentralized perpetual exchange Hyperliquid is now showing a heavy paper loss.
Data shows that the address in question established a long position of 120,000 ETH at an average entry price of $2,261, putting the notional value at approximately $271 million. As ETH continued its slide, the unrealized loss on the position ballooned to $73.66 million.
Further monitoring reveals that the liquidation prices for several of the address's positions are clustered between $1,300 and $1,400. In recent days, however, the trader added $26 million in additional margin, which has pushed the aggregate liquidation level lower and provided temporary relief from the risk of forced liquidation.