Bitcoin OG expands Ethereum long position to $392.5M on Hyperliquid
A Bitcoin OG trader increased their Ethereum long position on Hyperliquid to $392.5 million.Summary
An early Bitcoin investor known as “1011short” has significantly increased their bullish bet on Ethereum, expanding their long position on the Hyperliquid derivatives exchange to 120,094 ETH, valued at $392.5 million. This substantial leveraged position has a liquidation price set at $2,234 per ETH, which is approximately 32% below the prevailing market price of around $3,260 at the time of reporting. This move signals a notable shift in investor confidence towards Ethereum's growth potential over Bitcoin, as the trader has been actively betting on renewed upward momentum for ETH in recent months. The timing follows a market pullback after the Federal Reserve announced a 25 basis point interest rate cut, which analysts suggest might be a temporary sell-the-news reaction.
(Source：Crypto Briefing)