ChainCatcher reported, citing monitoring by Onchain Lens, that a newly created wallet deposited 3 million USDC into Hyperliquid and has continued to make frequent position adjustments. The tracked activity shows that the funds were not left idle after entering the platform, as the wallet has been actively managing its derivatives exposure.
ETH Long Position Valued at $58.49 Million
At the time of the monitoring update, the wallet held a 20x long position on 36,097 ETH, with the position valued at $58.49 million. A 20x long position means the account is using leverage to increase its exposure to ETH on the upside, making the notional position size much larger than the 3 million USDC deposited into Hyperliquid.
Onchain Lens also noted that the whale had previously completed two trades, first taking a long position and then a short position. Those two trades generated a combined profit of $1.7 million. The newly created wallet’s continued activity on Hyperliquid, together with its current leveraged ETH long position, forms the core of the latest on-chain monitoring update.