Massive leveraged bets show crypto traders are convinced this week's rally is the real deal

Crypto traders, particularly large entities known as "whales," are making increasingly aggressive leveraged long bets on Bitcoin and Ether via the Hyperliquid perpetuals exchange following a sharp rally that pushed BTC near $71,000. One specific trader holds $194 million in combined ETH and BTC longs with an unrealized profit of about $6.5 million, utilizing 20x leverage on significant portions of their positions. This activity, alongside spot ETH accumulation by some whales, suggests strong conviction that the current breakout will sustain, unlike previous false rallies. The concentration of these nine-figure leveraged positions on decentralized platforms like Hyperliquid highlights their growing importance in tracking market sentiment during periods of strong momentum, where a move above $75,000 could force short covering and accelerate the upward trend.

(Source：CoinDesk)