Oh, what a day in the crypto seas! An Ethereum has surfaced, causing quite the splash with a $270 million long position in ETH. Can you hear the guffaws from the market gods?!
As ETH struggles to stay afloat above $2,000, our brave (or foolish?) whale has dived into these turbulent waters with a whopping 50x leverage. đ€ Will this be a tale of riches or a cautionary story of crypto hubris?
Whale Watch: A Glimpse Into the Abyss
Per the latest missive from HypurrScan, a mysterious creature of the deep, identified by the cryptic address 0xf3âŠ057c, has made waves with a significant Ethereum play. This gambit, involving 50x leverage, is a bet of roughly $270 million, enough to make even the most seasoned sailor gulp.
With an average entry price of $1,896.63, our whale has already seen an unrealized profit of $3.38 million. But, dear reader, let us not forget the perils of such a wager. A liquidation price set at $1,877.1 means one misstep could send this leviathan crashing down.
Meanwhile, Hyperliquidâs HLP Vault has suffered a blow, losing over $4 million in the last 24 hours. It seems another whale đł, emboldened by the high seas, initiated a leveraged long position of 175,000 ETHâa sum worth around $340 million. Alas, the winds shifted, and this whale found itself in the red.
After a brief moment of triumph with a floating profit of $8 million, the whale withdrew $17.09 million USDC in margin. This act, however, triggered a cataclysmic liquidation of 160,000 ETH long positions. Such is the nature of the beast!
Hyperliquid HLP, now holding the proverbial bag, finds itself grappling with a floating loss exceeding $4 million. Yet, they assure us it was no foul play or breach of protocolâmerely the whims of the market.
Regarding commentary and questions on the 0xf3f4 userâs ETH long:
To be clear: There was no protocol exploit or hack. This user had unrealized PNL, withdrew, which lowered their margin, and was liquidated. They ended with ~$1.8M in PNL. HLP lost ~$4M over the past 24h. HLPâsâŠ
â Hyperliquid (@HyperliquidX) March 12, 2025
Charting the Course: Where Is ETH Heading?
Our dear ETH has been on a rollercoaster ride, underperforming compared to its brethren in the crypto realm. Against Bitcoin, it’s hit rock bottom, sinking to the lowest levels since 2020. đ©
Analysts, ever the seers, point out that Ethereum is navigating through choppy waters between $2,250 and $2,610. Here, about 12.28 million investors have amassed over 65 million ETH.
Yet, there’s a glimmer of hope. Crypto trader Tardigrade notes that Ethereum has ventured into the oversold zone on the Stochastic indicatorâa first in three years. Could this mean our whale đł has timed its plunge perfectly? Only time will tell if this is the bottom or just another chapter in the saga of the crypto markets.
#Ethereum enters Oversold Zone on the Stochastic indicator for a 3-year interval đ„$ETH might have reached the bottom at the current level đ
â Trader Tardigrade (@TATrader_Alan) March 11, 2025
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2025-03-12 19:46