Important points
- HyperLiquid Whale, whose profits were approaching $100 million, is now at $38.4 million after the reversal of ETH and XRP.
- Both assets fell more than 18% in 10 days, erasing $61 million in profits and reversing traders’ previous gains.
According to a post on X by on-chain tracker Lookonchain, one prominent hyperliquid trader’s profits fell from nearly $100 million 10 days ago to $38.4 million today as the recent market downturn squeezed his long positions in Ethereum and XRP.
This decline coincides with a decline in major digital assets. During the same period, Ethereum fell from $3,400 to around $2,800. A trader opened a long position at $3,200, and the trade went significantly underwater.
XRP has followed a similar trajectory, falling from $2.5 to just under $1.96 at the time of writing. This trader entered long XRP at $2.3 and added further losses as both assets recorded a decline of over 18% in 10 days.
The rapid decline wiped out more than $61 million in profits, highlighting the risks of HyperLiquid’s oversized directional positions. The trader is still up overall, but it is now far from its previous highs as the market continues to unwind recent gains.