Summary:
– A prominent investor has initiated $120M in leveraged long positions across BTC, ETH, PEPE, and HYPE during a market transition.
– HYPE revisits crucial $44–$45 support level after its surge; RSI and SAR indicators suggest continued momentum.
– Hyperliquid reaches $648B in Q2 trading volume and enhances access with Phantom wallet integration in the EU.
Significant Market Moves by Major Investor
A high-profile trader with an impressive record on Hyperliquid has engaged in substantial leveraged positions in various cryptocurrencies, including a 40x long on Bitcoin, 25x on Ethereum, and 10x on both PEPE and HYPE. The cumulative value of these positions is $120.8 million, with current unrealized profits amounting to $1.17 million.
A notable Twitter post by Spot On Chain highlights the investor’s strategy, mentioning their $73.85M profits on Hyperliquid and their max-leverage long bets across multiple tokens, with a current position size of $120.8M and unrealized P&L of +$1.17M. Additionally, the same address holds over 501,000 HYPE tokens valued at about $23.35 million, reflecting an unrealized gain of $12.48 million, or a 115% increase. Onchain data further reveals a separate wallet depositing $8.62 million in USDC to purchase HYPE.
HYPE Maintains Crucial Support Post-Breakout
As of the latest update, HYPE was trading at $46.98, experiencing a 3% rise in the past 24 hours. Although the token has retraced approximately 4% over the last week, it remains on an upward trajectory initiated in late March. HYPE has recently surpassed the $44–$45 level, a previous resistance, which is now being tested as support. A rebound from this area could signal a potential move towards $49 and the $50 threshold. If the support fails, the next potential level is around the ascending trendline at $42.
Continued Market Strength Indicated by Metrics
Technical indicators show the Parabolic SAR remains below the price line, indicating the persistence of the current uptrend. The RSI is at 62.68, slightly below the signal line at 63.15, suggesting a trending market with no signs of decline. According to Coinglass, daily trading volume on Hyperliquid has surged by over 63%, reaching $1.46 billion, with open interest growing by nearly 2% to $2.13 billion.
As reported by CryptoPotato, Hyperliquid has introduced new access points, allowing EU users to engage in direct perpetual trading via Phantom wallet through its API, maintaining full user control. Recent volume figures demonstrate consistent platform growth, with $648 billion in trades processed last quarter and $1.57 trillion in total volume over the past year. The platform now commands over 60% of the perpetual DEX market, significantly surpassing its closest competitor.
The original article, “4 Cryptocurrencies to Watch as Smart Whale Opens Massive Long Position,” can be found on CryptoPotato.
