Key Highlights
- Crypto whales are building significant long positions on Ethereum via Hyperliquid with two traders opening largest ETH positions back-to-back in two days.
- Ethereum is currently trading around $2,013, reflecting a 13% drop from its weekly high and a plunge to as low as $1,770 (over 60% from January highs), driven by institutional outflows and panic selling.
- The broader crypto market cap recovered slightly to $2.35 trillion after shedding over $1 trillion to hit $2.17 trillion on February 6.
As the crypto market has begun to show resilience and is steadily holding above recent lows, whales have started to build their positions with ethereum (ETH) currently turning out to be a popular asset. In the past 24 hours, a number of traders have jumped onto the opportunistic momentum while going long on the second largest cryptocurrency.
According to EmberCN, a popular Chinese analyst, the whale 0x6c8…84f6 has opened a long position of 38,000 ETH (now 40,000 ETH), totaling nearly $80 million, using a 20X leverage. The entry price for this whale stays at $2,039 while liquidation sitting at $1,365—as of latest market data.
The trader’s position, which is now second largest ETH long on Hyperliquid, comes right after another whale 0xa5B0…1D41 taking the largest long position, consisting of 60,000 ETH just a day before.
At the time of publishing, ETH was trading near $2,013, down nearly 13% from weekly high. It has a 24 hour trading volume of $29.24 billion, up 40% in the past 24 hours, as per CoinMarketCap data.
Traders leaning onto ETH amid market downtrend
The recent drawdown wiped out over a trillion dollars from the crypto market capitalization, shrinking nearly 34% from its January high of $3.30 trillion to as low as $2.17 trillion on February 6. The number currently sits at $2.35 trillion, recovering slightly in the past seven days.
During this timeline, ETH has plunged to as low as $1,770, marking levels not seen in months and reflecting over 60% declines from its January high. Some key factors affecting ETH price were institutional outflows, leverage unwinds, and thin liquidity amplifying panic selling. This led to extreme fear sentiment in the market, eventually driving record realized losses and capitulation signals from large holders.
Despite the bearish momentum, some traders appear to be leaning onto ETH as a potential opportunity or relative safe haven within the turmoil.
Moreover, institutional players like BitMine reporting $84 million purchase amid weakness suggest conviction in Ethereum’s long-term fundamentals. Many analysts believe a strong comeback in ETH price amid increasing network activity, high staking demand, and historical rebound patterns after major drawdowns.
Also read: Ethereum Foundation Partners With SEAL to Combat Drainer Scams via 1TS
