In a delightful twist of fate, a whale wallet has opted to flirt with fortune by opening a $33 million Ethereum long position on the Hyperliquid platform, all whilst wielding a reckless 20x leverage as BitMine and other institutions continue their unabashed love affair with ETH.
A freshly minted whale wallet has captured the attention of curious onlookers after it boldly decided to plunge into a $33 million Ethereum long position on the illustrious Hyperliquid platform, wrapped snugly in the embrace of 20x leverage. How droll!
On-chain activity, that ever-watchful gossip, suggests that this audacious trade might just send ripples through the market-especially as illustrious entities continue to hoard ETH like children collecting marbles, unfazed by the tempest of market volatility.
New Wallet Deposits $12.88M USDC to Hyperliquid
Blockchain data from Lookonchain reveals that the wallet address 0x6C85 was generously funded with a princely sum of $12.88 million in USDC. How charmingly extravagant!
This opulent wallet then had the audacity to utilize its newfound capital to open a highly leveraged long position on Ethereum, courtesy of the Hyperliquid decentralized perpetuals exchange. One can only imagine the delightful thrill!
The position, which amounts to a staggering 16,270 ETH, currently flaunts a valuation of approximately $33.38 million. The cheeky leverage employed increases the trade’s exposure-and risk-by a factor of twenty. Truly, a masterclass in daring endeavors!
Placed within the price range of $2,020 to $2,040, this gamble has already shown unrealized losses exceeding $1 million. And let us not forget, the wallet was birthed mere hours prior to this bold move. Ah, the joys of spontaneity!
🚨HAPPENING NOW: WHALE WALLET DROPS $12.8M TO 20X LONG ETH
A newly created wallet, 0x6C85, deposited 12.88M into the Hyperliquid realm, per the reputable whispers of Twitter.
These funds were utilized to commence a long position on Ethereum, armed with an audacious 20x leverage.
So far, the wallet clutches a long worth 16,270 ETH…
– BSCN (@BSCNews)
Monitoring platforms suggest this wallet may soon receive further funds, either to average down or amplify its exposure. What a tantalizing prospect!
The size and timing of this trade have undoubtedly piqued market interest, as it dances precariously with the potential to influence ETH’s short-term price direction.
BitMine Accumulates Ethereum Despite Unrealized Losses
In tandem with this high-leverage escapade, BitMine, that ever-ambitious Ethereum treasury entity, has also persisted in its quest to acquire ETH.
Lookonchain reported that the firm recently splurged on $84 million worth of ETH, sweetening its total holdings to a staggering 4.32 million ETH, valued at over $9.14 billion. How lavish!
Despite being besieged by unrealized losses amounting to $8 billion, BitMine defiantly continues to swell its ETH exposure. After all, who doesn’t enjoy a little financial adventure?
The company secured its latest tranche in two delightful batches, acquiring 20,000 ETH from FalconX and an additional 20,000 ETH from BitGo. Talk about a shopping spree!
It seems that Tom Lee()’s got another 20,000 ($42.3M) from BitGo just 7 hours ago.
Today alone, it has lavished $83.4M on 40,000 ETH.
– Lookonchain (@lookonchain)
A report from Arkham Intelligence has confirmed these purchases unfolded within the same whimsical timeframe.
BitMine aims to own a delectable 5% of Ethereum’s total circulating supply and is already 72% toward this grandiose goal. Oh, the ambition!
Analyst Tom Lee, ever the optimist, stated that such unrealized losses were simply part of the game and that the firm’s long-term strategy remains as steadfast as the sun rises in the east.
Related Reading: Ethereum Foundation Joins SEAL to Strengthen Defense Against Wallet Drains
Ethereum Price Movement and Institutional Sentiment
Ethereum appears to be frolicking back to life after establishing a base above $1,950. The price gleefully broke through key resistance levels at $1,980 and $2,000, soaring as high as $2,168. What a show!
ETH now trades above $2,050, basking in the warmth of the 100-hour Simple Moving Average. A comfortable abode, indeed!
Price charts reveal a jubilant break above a bearish trend line, with resistance lingering at $2,070. Should momentum persist, Ethereum may once again flirt with the $2,150 level. How enchanting!
Further resistance awaits at $2,250, and a thrilling move above this point could propel ETH towards $2,350 or beyond in the near future. The possibilities are positively intoxicating!
Meanwhile, institutions continue to serenade Ethereum for its long-term utility. BlackRock has dubbed Ethereum the “toll road” for tokenization in its 2026 thematic outlook. How delightfully poetic!
Ethereum presently powers around $11.6 billion of the $21 billion total value locked in real-world asset (RWA) tokenization. Quite the impressive feat!
More companies are expected to build upon Ethereum’s robust infrastructure and liquidity, making it the belle of the ball.
The ADI Foundation has also partnered with M-Pesa to assist 60 million users in accessing blockchain features through the Ethereum network. A veritable revolution!
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2026-02-11 00:19