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.

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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$70,816.15 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.

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.

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