Key Takeaways
How risky is this whale’s ETH position?
The whale faces liquidation at $3,311.7 with ETH currently trading around $3,400—just a 3.4% cushion.
Why is this trade significant now?
The fresh wallet and $43 million leveraged long come as Ethereum dropped 17% this week, and overall open interest declined.
A crypto whale opened a massive $42.9 million leveraged long position on Ethereum today.
The trader deposited $2.43 million USDC into Hyperliquid and used 20x leverage to bet on 13,976 ETH, creating nearly $860 million in total exposure.
On-chain tracker Lookonchain spotted the bold move. The whale created a fresh wallet specifically for this trade, suggesting high conviction in an ETH price recovery.
Razor-thin liquidation margin
The position carries extreme risk. ETH trades at approximately $3,429, while the liquidation price sits at $3,311.7. That leaves just a 3.4% cushion before the entire position gets wiped out.
If Ethereum drops another $117, the exchange will automatically liquidate the position. The trader would lose the entire $2.43 million collateral in minutes.
Betting against recent weakness
The timing makes this trade especially notable. Ethereum dropped 17% over the past week, falling from nearly $4,000 to its current levels. Most traders backed away from leverage during the decline.
This whale sees opportunity instead. The fresh wallet and immediate deployment of capital suggests the trader believes ETH has bottomed. The 20x leverage amplifies both potential gains and losses dramatically.
Ethereum Open Interest shows declining leverage
CryptoQuant data reveals that Ethereum’s total open interest across all exchanges is $18.9 billion.
That’s down significantly from peaks above $33 billion in September but remains elevated compared to earlier in 2025.
Source: CryptoQuant
Declining open interest typically indicates traders closing leveraged positions. This whale’s new long position bucks that trend, adding fresh leverage as others retreat.
High-stakes gamble
At 20x leverage, every 1% move in ETH’s price creates a 20% change in position value. A 5% rally to $3,600 would generate roughly $12 million in profit. But a 3.4% drop triggers total liquidation.
The whale’s strategy appears clear: bet big on near-term recovery while risking complete loss if the downtrend continues.
Such aggressive positioning often signals either inside conviction or dangerous overconfidence.
With Ethereum’s price action remaining volatile and technical indicators mixed, this $43 million bet will test whether the recent dip represents a buying opportunity or the start of a deeper correction.
The market will have its answer soon.
