A single trade, $27 million in 24 hours. A whale shifted from Bitcoin to heavily bet on Ethereum via Hyperliquid. With 10x leverage and perfect timing before Powell’s speech, this move showcases how strategy and macro analysis can turn massive risk into historic rewards.
This crypto whale demonstrated exceptional timing by opening a massive long position on Ethereum at $4,277.26 yesterday. This was just hours before Powell’s speech that sent markets soaring. With a position size of 73,282 ETH-USD and 10x leverage, the total position reached an astounding $340.8 million.
Source: HyperDash
The Hyperliquid data reveals that this trader currently holds $83.58 million in perpetual positions, with almost all of it in this ETH position. The displayed PnL of +$27.38 million demonstrates exceptional performance. This trade ranks among the most profitable in recent cryptocurrency history.
Using 10x leverage significantly amplifies the gains. A standard investment would have generated approximately 8.7% profit ($4,651 vs $4,277). The leverage multiplies this return to achieve gains of +87% on the committed capital, resulting in these $27.38 million in profits.
What makes this trade truly exceptional is the perfect entry timing. The whale opened its position yesterday, anticipating the positive impact of Powell’s speech at Jackson Hole on crypto markets, particularly on Ethereum.
When Powell adopted a dovish tone and opened the door to September rate cuts, Ethereum surged by +9% in just a few hours, jumping from $4,200 to over $4,600. This reaction directly benefited our whale who had positioned its bet before the catalyst.
Analysis of rate cut probabilities shows they increased from 75% to 91.5% after the speech, creating an environment of abundant liquidity particularly favorable to risk assets like Ethereum. The whale had anticipated this development.
This trade is part of a broader trend observed among every crypto whale: the rotation of capital from Bitcoin to Ethereum. Several historical whales have recently converted their BTC positions to ETH, anticipating Ethereum outperformance.
Another “old” whale recently reactivated a dormant wallet containing 14,837 BTC and converted more than 400 BTC to ETH. This opened leveraged long positions on Hyperliquid for an amount of $295 million. This synchronization is not a coincidence.
On-chain data shows that whales accumulated 200,000 ETH ($515 million) in Q2 2025, with significant leveraged positions on Hyperliquid. This massive accumulation often precedes major bullish movements.
Even institutions like Bit Digital have explicitly shifted their treasuries from BTC to ETH, selling 280 Bitcoin to raise $172 million intended for Ethereum accumulation. This institutional rotation amplifies the trend initiated by whales.
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