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. 🤑 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 0xf3…057c, 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, Hyperliquid’s HLP Vault has suffered a blow, losing over $4 million in the last 24 hours. It seems another whale 🐳, emboldened by the high seas, initiated a leveraged long position of 175,000 ETH—a 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 protocol—merely the whims of the market.
Regarding commentary and questions on the 0xf3f4 user’s 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. HLP’s…
— 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. 💩
Analysts, ever the seers, point out that Ethereum is navigating through choppy waters between $2,250 and $2,610. Here, about 12.28 million investors have amassed over 65 million ETH.
Yet, there’s a glimmer of hope. Crypto trader Tardigrade notes that Ethereum has ventured into the oversold zone on the Stochastic indicator—a first in three years. Could this mean our whale 🐳 has timed its plunge perfectly? Only time will tell if this is the bottom or just another chapter in the saga of the crypto markets.
#Ethereum enters Oversold Zone on the Stochastic indicator for a 3-year interval 🔥$ETH might have reached the bottom at the current level 🚀
— Trader Tardigrade (@TATrader_Alan) March 11, 2025
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2025-03-12 19:46