An Ethereum ($ETH) whale has made news for his astounding demonstration of faith in the cryptocurrency market as per data shared by Onchain Lens. The whale has deposited $3.48 million $USDC into HyperLiquid and opened a huge long position on Ethereum (ETH) with 50x leverage. This follows a previous successful deal when the whale made $2.19 million in only 48 hours, displaying his confident trading approach and bullish sentiment towards ETH.
The Whale’s Current Situation of Long Position for $ETH
For the current position of ETH long, the total portfolio value of the whale is $5,771,619.67. He is using a bold 50x leverage. The total position value is $151,839,087.79. That total $ETH amount in position is 79,351.4961 ETH. The Unrealized Profit and Loss (PnL) is $2,308,946.72 (Profitable) and the Liquidation Price is $1,859.4.
At the moment, ETH is trading around $1,953 with a 2% increase in the last 24 hours. However, the price is down 12% from the level it was 7 days before.
Long Trading Strategy of The Whale for Ethereum
The whale has already made unrealized profits of around $2.3 million, showing a positive shift in ETH’s price since joining the position. Utilizing 50x leverage implies that even a slight price change of only 2% against the position might lead to liquidation. Following a great trading session when the whale profited $2.19 million, this fresh investment of $3.48 million implies a very positive stance on Ethereum. This active longing for $ETH implies strong trust in its rising pace. The liquidation price is set at $1,859.4, which is just roughly $24 below the entry price, indicating the significant risk involved with this arrangement.
Thus to conclude the report shared by Onchain Lens, the whale has confidently opened a long position for $ETH with 50x leverage and deposited $3.48 million USDC into HyperLiquid. He has made $2.15M profit in 2 days each, also on ETH. If his bet proves to be successful, the whale could see even greater profits when the market rallies up. However, a significant risk of liquidation still hovers indicating a large market sell-off.
