A well-known Bitcoin whale has returned to high-stakes trading with a sizable Ethereum position, adding fresh momentum to a market that is only beginning to recover.
According to on-chain data, the trader known as “1011short” deposited $10 million in USDC to the decentralized exchange Hyperliquid before opening a 5x leveraged long position. The move created a $44.15 million exposure backed by 15,000 ETH, marking one of the whale’s largest recent trades.
The entry price for the position was $2,945.83 per ETH, placing the wallet slightly in the red as Ethereum hovers near $2,896. This leaves the position with an unrealized loss of over $38,000. The trade remains active, with a liquidation level of $2,326.6, providing the whale with a sizable buffer amid current volatility.
Market Shows Signs of Rebound After Recent Sell-Off
The whale’s re-entry comes at a moment when the broader crypto market is starting to regain stability. Bitcoin reclaimed the $89,000 level today and is up 1.37% over the past 24 hours. Even so, the asset remains more than 20% below its peak last month, highlighting the depth of the recent correction.
This improving sentiment has also lifted major altcoins. Solana climbed to $137.88, posting a 5.6% daily gain, while XRP rose 8.59% to $2.23.
Liquidations Spike as Prices Rebound
The market’s sharp swing back into positive territory triggered a significant wave of liquidations, particularly for bearish traders. Data from Coinglass shows that $337.86 million in leveraged positions were liquidated in the last 24 hours.
Indeed, the rapid price movements caught many traders off guard, particularly those positioned against the rebound. A total of 112,021 traders were liquidated during this window, with short sellers suffering the heaviest losses.
Nearly $233.05 million in short positions disappeared as prices reversed upward. Meanwhile, long traders also felt some pressure, albeit to a lesser degree, with losses of $104.81 million.
Notably, the largest single liquidation occurred on Hyperliquid DEX, where an $8.61 million BTC-USD order was wiped out.
Bitcoin and Ethereum Lead Liquidation Totals
Reflecting their dominant market positions, Bitcoin and Ethereum accounted for the bulk of these losses. Bitcoin saw $119.17 million in liquidations, while Ethereum followed with $73.34 million.
Overall, these totals highlight continued aggressive use of leverage across the top two cryptocurrencies, even amid heightened uncertainty.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
