On-chain analyst Ember (@EmberCN) reported that the largest long position on Hyperliquid has suffered a mounting unrealized loss as Ethereum's price continues to drift lower. The whale initially established a position of 120,000 ETH, worth roughly $271 million, at an average entry price of $2,261. With ETH declining, that unrealized loss has now ballooned to approximately $73.66 million.
To fend off the escalating liquidation risk, the address recently poured an additional $26 million in margin into the position. This extra capital lowered the liquidation threshold from the previous range of $1,617–$1,355 to a new band of $1,300–$1,400. Yet, the relief remains fragile. ETH's current price hovers around $1,870, leaving a razor-thin margin of only about $470 to the nearest liquidation line. The pressure to cut losses or reduce the position continues to intensify, highlighting the precarious state of one of the platform's most significant leveraged bets.