A wallet on Hyperliquid, identified as an "insider wallet," holds a substantial long position in Ethereum (ETH) valued at approximately $649.6 million. The position, entered at around $3,161.85 per ETH, faces potential liquidation near $2,268.37. As of the report, ETH is trading around $2,908.30, placing the liquidation threshold about 22% lower. The wallet has already experienced roughly $56.6 million in unrealized losses and $6.79 million in funding costs. This same wallet reportedly generated over $100 million in profits during October's crypto selloff by shorting Bitcoin (BTC) and longing ETH. Hyperliquid's cross-margin system means liquidation prices shift with collateral changes and unrealized profits or losses. The platform sends most liquidations directly to the order book, potentially impacting the perpetual market.

A wallet on Hyperliquid, identified as an "insider wallet," holds a substantial long position in Ethereum (ETH) valued at approximately $649.6 million. The position, entered at around $3,161.85 per ETH, faces potential liquidation near $2,268.37. As of the report, ETH is trading around $2,908.30, placing the liquidation threshold about 22% lower. The wallet has already experienced roughly $56.6 million in unrealized losses and $6.79 million in funding costs. This same wallet reportedly generated over $100 million in profits during October's crypto selloff by shorting Bitcoin (BTC) and longing ETH. Hyperliquid's cross-margin system means liquidation prices shift with collateral changes and unrealized profits or losses. The platform sends most liquidations directly to the order book, potentially impacting the perpetual market.