New Hyperliquid Whale Opens Aggressive BTC Long and ETH Short With $4M USDC

Source: CryptoNewsNet Original Title: New Hyperliquid Whale Opens Aggressive BTC Long and ETH Short With $4M USDC Original Link:

On-Chain Trading Activity Analysis

On-chain tracker Lookonchain reveals that a newly-created wallet (0x89BC) deposited $4 million USDC to a perpetuals platform within the last 4 days. The wallet subsequently entered into high leverage positions, indicating strong conviction in Bitcoin outperforming Ethereum.

Leveraged Position Breakdown

The trader executed two perpetual futures contracts with 10x leverage:

• BTC Long Position: 218.6 BTC with notional value of approximately $19.15 million at an average entry price of around $87,700
• ETH Short Position: 5,294 ETH with notional exposure of approximately $15.59 million at an average entry price of around $2,940

Combined, these positions represent a BTC/ETH ratio trade rather than a directional market bet, demonstrating sophisticated trading strategy.

Strategy: Bitcoin Outperformance vs Ethereum

This trade structure is designed to profit from Bitcoin outperforming Ethereum as market correlations potentially decrease. Current market conditions appear favorable for this strategy:

• Bitcoin has maintained relative stability
• Ethereum has shown weaker performance
• The aggregate position currently shows unrealized losses on the BTC long offset by larger unrealized gains on the ETH short

Risk Considerations

Significant price movements in either Bitcoin or Ethereum would necessitate rapid corrective action to maintain the position, with the potential for forced liquidations if leverage is unable to absorb major market swings.