Hyperliquid Whale Buys the Dip With $148.5 Million in BTC and ETH Longs

The largest reported long whale on Hyperliquid responded to the post-speech sell-off by buying rather than de-risking. It opened a 1,000 BTC long at an average price of about $78,780 and a 28,000 ETH long at about $2,490, representing approximately $78.8 million and $69.7 million respectively—or $148.5 million in combined notional exposure. 22

That makes the trade a sizeable contrarian bet on a near-term recovery in Bitcoin and Ethereum. Because the positions are leveraged perpetual-futures exposure, however, their notional value is not the same as the trader’s posted capital or maximum loss capacity. Liquidation thresholds, margin additions, partial closes, and hedges elsewhere could all change the position’s actual risk.

Why the whale bought the dip

The timing was the central signal. At Jackson Hole, Fed Chair Kevin Warsh emphasized inflation and reaffirmed the Federal Reserve’s 2% target while favoring restrained forward guidance and a more data-dependent approach. Markets interpreted the message as hawkish: Bitcoin fell about 3.23% to $77,812 in one account, while Ethereum also declined and leveraged crypto positions were liquidated. 17 A separate report described Warsh’s framework as focused on price stability, limited forward guidance, and decisions based on incoming data. 24

The whale’s decision suggests it viewed the macro-driven decline as an opportunity to re-enter or add exposure near lower prices. It does not show that the trader expects an immediate policy pivot, nor does it prove that the market has found a durable bottom. The most defensible reading is narrower: this account was willing to accept substantial derivatives risk in anticipation of a relatively quick BTC and ETH recovery.

The earlier exit is just as important as the new entry

The same trader had recently demonstrated that it would reduce risk aggressively. Reporting on August 25 said the account closed 120,000 ETH longs and trimmed its BTC position by 1,200 BTC, realizing approximately $45.3 million. Its reported total long exposure fell from about $537 million to $143 million, leaving 1,800 BTC in long positions with an unrealized profit at the time. 1

That history changes how the new trade should be interpreted. The whale is not simply holding through every drawdown. It has shown a willingness to take profits, reduce exposure, and then buy weakness when conditions appear more attractive. The pattern is consistent with tactical conviction—but it also demonstrates that the trader can change course quickly.

What Hyperliquid data could confirm

The whale’s trade becomes more significant if the wider derivatives market supports it. Four signals are especially useful:

• Price rising with open interest rising: This would suggest that new positions are entering as the market recovers. Moderately positive funding would be healthier than an extreme reading because it would indicate participation without an obviously crowded long trade.
• Open interest and positive funding surging rapidly: This could indicate that longs are becoming crowded. A small reversal could then trigger cascading liquidations.
• Stable or rising open interest with flat or falling funding: This may point to short covering or spot-led demand rather than an aggressive leveraged-long chase.
• Price falling while open interest falls: This generally indicates deleveraging. By contrast, falling price with rising open interest and deeply negative funding would show increasing short conviction, although it could also create fuel for a later short squeeze.

These indicators describe positioning, not direction. Funding and open interest can reveal how traders are expressing a view, but they cannot establish that Bitcoin or Ethereum will rise.

The broader evidence remains mixed

There are reasons to watch for continued demand. Ethereum’s balances on centralized exchanges were reported at roughly 15.12 million ETH, down from about 16.86 million earlier in 2026—a decline of approximately 10%, with some supply moving to staking contracts. Lower exchange balances can reduce immediately available sell-side liquidity, but they do not prove that those coins will never be sold. 51

The Bitcoin ETF picture is less clearly supportive. U.S.-listed spot Bitcoin ETFs recorded $389.7 million in net outflows during the week of August 10, reversing $853.5 million of inflows the previous week, according to Bloomberg’s cited data. 33 That is evidence of changing flows over one week, not proof of a lasting institutional withdrawal trend.

Supply from large holders is another counterweight. A report said an unidentified whale sold 7,700 BTC worth about $576.6 million over three days between August 19 and 22. One wallet’s sale cannot establish market-wide distribution, but a transaction of that size is a reason to treat a leveraged rebound thesis cautiously. 49

What the trade means—and what it does not

The new positions show that one major Hyperliquid participant was prepared to buy into macro-induced weakness after Warsh’s speech. Combined with the trader’s earlier $45.3 million profit-taking event, the activity points to a high-conviction but actively managed strategy.

It does not establish that the whale is correct, that a broader rally has begun, or that other market participants will follow. The strongest confirmation would come from price recovery accompanied by sustainable—not extreme—derivatives positioning and improving spot demand. Until then, the $148.5 million trade is best understood as a visible risk appetite signal in a market still balancing bullish accumulation narratives against ETF outflows, whale selling, and policy uncertainty.