Top Trader Bets $62M Against Ethereum on Hyperliquid

One of the best traders in Hyperliquid, a blockchain that is designed to facilitate high-speed financial transactions, has gone on to open a huge short against Ethereum (ETH). The trader recently added another fresh 15000 short at 4536.30 making the total short exposure 62.19 million according to Whale Watch Perps on X. Their average entry price in all their positions stands at 4569.12.

Why It Matters

Ether is currently around 4,530, and is valued at above half a trillion. It has gained a relative stability since its recent upgrades including EIP-1559 that has been burning over 2.3 million ETH since 2021 to reduce supply. There is no secret that quite a number of analysts have been urging ETH to go beyond the 5000 mark by the end of 2025. This massive bet against however indicates that not everybody holds to the bullish narrative. The other traders are betting on the reversion of ETH into the support areas of approximately 4,000 4,200.

Perpetual futures have evolved to be a major platform on hyperliquid. Its cheap fees and speed of completion makes it appealing to high leverage traders. The native currency in the platform HYPE is around $57 and has a great daily turnover which shows more activity in its platform. A large short of this magnitude is not free since perpetual futures require the payment of funding. The trader is already running around 6, 200 per day to maintain the position at the prevailing level of financing.

High Risk, High Reward

Although the price of this trade during liquidation is distant, crypto markets have a tendency to soar within a short time. The same kind of rally can erase this short in spite of its magnitude. Ether has been trading at about 4,500 following peaks of about 4,700 in early January. The Bitcoin recently fell by 7 percent on the level of 70,000, which led to the alarm in the wider market. Such traders might be positioning to take a pullback in case altcoins reverse Bitcoin. This is not the first time such events have occurred such as the liquidation of Bitcoin worth 1.2 billion in March 2025.