A single crypto trader is sitting on a $194 million bet that bitcoin and ether will keep climbing

Markets

Share

Share this article

Copy linkX (Twitter)LinkedInFacebookEmail

A single crypto trader is sitting on a $194 million bet that bitcoin and ether will keep climbing

Whales on Hyperliquid are piling into leveraged bitcoin and ether longs as BTC rallies to $71K, fueling bets the cryptocurrency will break above $75,000.

By Oliver Knight

Mar 10, 2026, 11:37 a.m.

Make us preferred on Google

Crypto whales bet on breakout (Getty Images/Unsplash+)

What to know:

• One trader holds $194 million in BTC and ETH longs on Hyperliquid, while another account controls $103 million in leveraged positions across multiple crypto pairs.
• A wallet opened 20x leveraged longs worth $42.5 million in bitcoin and 20,000 $41.2 million in ether while also buying $21 million of ETH in spot markets.
• The surge in nine-figure leveraged positions signals traders are betting bitcoin will break above $75,000 after last week’s rejection near $74,000.

Crypto traders on the perpetuals exchange Hyperliquid are placing increasingly aggressive leveraged bets that bitcoin will break above $75,000 after a sharp rally at the start of the week.

Bitcoin climbed to around $71,000 on Tuesday, up from roughly $65,000 when BTC futures opened on Sunday evening. The move has reignited calls for a retest of recent highs after being rejected near $74,000 last week.

Onchain data shows several large traders — often referred to as “whales” — opening highly leveraged long positions on Hyperliquid as prices rise.

One trader is holding ether (ETH) and bitcoin BTC$70,616.65 long positions worth $194 million with unrealized profit and loss standing at around $6.5 million. Another account has $103 million worth of long positions across a multitude of trading pairs, betting on a broader crypto breakout as opposed to a major-dominated rally.

Positions on Hyperliquid are typically opened with leverage, allowing traders to amplify exposure. One wallet, for example, opened a series of trades using 20x leverage, meaning a $1 million account could control a $20 million bitcoin position. This trader opened 20x leveraged longs on 600 BTC worth about $42.5 million while simultaneously taking a 20x long position on 20,000 ETH valued at roughly $41.2 million.

HyperLiquid positions (Coinmarketman)

The whale also appears to be accumulating ether in spot markets. Data shows the address spent $21 million in USDC to purchase 10,158 ETH at an average price of $2,067 shortly before opening the derivatives positions.

Other nine-figure long positions demonstrate one thing: Crypto traders are confident this breakout will stick and won't be a bull trap like last week.

A separate wallet, 0x985f, is taking a different macro stance. The address deposited $9.5 million in USDC into Hyperliquid within a five-hour window before opening 20x leveraged short positions on oil futures, including roughly $8.17 million in crude oil (CL) contracts and $6.15 million in Brent oil.

The same trader also opened short positions across several crypto tokens, including HYPE, PUMP, XPL, APT and ASTER, suggesting a broader bearish stance on select altcoins while large traders concentrate bullish bets on bitcoin and ether.

The positioning highlights how decentralized derivatives platforms such as Hyperliquid have become a hub for large leveraged bets during periods of strong bitcoin momentum.

A break above $75,000 could force short sellers to cover and accelerate the rally, while a move lower would quickly test the conviction of traders piling into nine-figure leveraged longs.

HyperliquidWhaleBitcoin

More For You

Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race

By CoinDesk Research

Feb 27, 2026

Commissioned byPudgy Penguins

CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.

What to know:

• Disrupting a Stagnant Market: Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product.

View Full Report

More For You

Traders snapped up nearly 600,000 BTC as bitcoin dipped below $70,000, blockchain data show

By James Van Straten|Edited by Omkar Godbole

12 minutes ago

Glassnode data shows strong demand during bitcoin’s recent correction, with 200,00 BTC purchased over the past two weeks.

What to know:

• Nearly 600,000 BTC were accumulated in the $60,000 to $70,000 range during bitcoin’s latest correction.
• Data from Checkonchain shows around 60% of the circulating supply, is currently in profit, implying about 40% has a cost basis above $70,000.

Read full story

Latest Crypto News

Stablecoin market expands, bitcoin rallies as Iran war panic cools

12 minutes ago

Traders snapped up nearly 600,000 BTC as bitcoin dipped below $70,000, blockchain data show

12 minutes ago

Nvidia's Huang argues AI creates jobs, not destroys them, in rare official blog post

14 minutes ago

Hyperliquid's next upgrade to let seasoned traders take bigger bets with less capital

32 minutes ago

Bitcoin climbs to $71,000 as dollar, oil weaken after Trump comments on Iran war

1 hour ago

Strategy logs record STRC equity issuance on Monday, buys estimated 1,420 bitcoin

1 hour ago

Top Stories

Pudgy Penguins launches its 'Club Penguin' moment, and the game doesn't feel like crypto at all

5 hours ago

Bhutan sells $42.5 million of bitcoin in 2026 as national stack drops 58% from peak

6 hours ago

Here's how traders and big buyers stepped in to keep bitcoin steady during the oil shock

5 hours ago

Hyperliquid’s tokenized futures hit $1.2B as traders bet on oil, stocks

3 hours ago

Ether treasury firm Bitmine moves $19.5 million in ETH to Coinbase Prime

4 hours ago

AI tokens rally after Nvidia open-source agent plan, beat CoinDesk 20

6 hours ago