After $29.75M in Wins, a Whale Opens Big Ethereum Longs

In a single day, liquidations wiped out $688.56 million from leveraged bulls while Bitcoin (BTC) and Ethereum (ETH) dropped. A Hyperliquid whale with an almost flawless record has now jumped into that selloff with a sizable long position.

According to Lookonchain data, the trader's ETH longs add up to about $60.7 million. Around $2.6 million in unrealized profit is already sitting on those positions.

How Bitcoin Trades Built a $29.75 Million Winning Record

That record was put together quickly. About 4 months ago, the whale created 4 new wallets and started trading on Hyperliquid, a decentralized derivatives exchange.

Across 15 closed trades since then, the trader has lost on just 1, per Lookonchain data. The losing position was an ETH short lasting 1 minute, and it was down $3,866.

BTC longs supplied about $28.2 million of the $29.75 million total, meaning most of the whale's profit came from Bitcoin.

“Meet this mysterious whale who has won almost all 15 trades, making a total profit of $29.75M!” Lookonchain said in a post.

The whale's earlier positions include 2 that are still in the red. A 10,000 ETH long is carrying a $1.9 million loss, while a 400 BTC long has fallen about $97,000.

When those losses are offset against the new longs, the 4 open positions together show about $608,600 in profit.

Ethereum ETFs Keep Seeing Outflows as the Whale Buys

The whale is wagering on an asset that has traded wildly during the past week. BeInCrypto Markets data showed ETH changing hands at $2,526.75 at press time.

At that level, ETH was down 0.99% over 24 hours and 6.39% over 7 days.

Earlier on Tuesday, as liquidations swept the market, ETH dipped to around $2,429. The whale's new entries, placed near $2,420, sit close to that level.

US spot Ethereum exchange-traded funds (ETFs), meanwhile, have gone the other direction. SoSoValue data show net outflows for 10 straight days.

About $782.6 million has been withdrawn since September 29. The outflow run began right after the week of September 22, when roughly $437 million flowed in.

Chart-watching analyst Ted Pillows has flagged the level ETH needs to get above for a bigger move.

$ETH is back above the $2,550 level.

Ethereum is facing resistance around the $2,560-$2,570 zone, and if ETH reclaims it, a rally to $2,700 could happen.

— Ted (@TedPillows) October 12, 2026

Should ETH stay stuck under the $2,560-$2,570 zone, the whale still has room. The whale's liquidation prices, near $1,272 and $1,513, are well below where ETH currently trades.

US inflation data is the next test. The September Consumer Price Index (CPI) report is out Wednesday.

Economists see annual inflation climbing to 3.7% from 3.4%. A hotter number could pressure leveraged longs; a softer one could boost ETH’s rebound.