A Hyperliquid whale with $29.75 million in profits has opened a $60.7 million Ethereum long position as the cryptocurrency faces continued selling pressure. According to Lookonchain data, the trader has built this record quickly by creating 4 new wallets approximately 4 months ago and beginning trading on Hyperliquid, a decentralized derivatives exchange. The whale has closed 15 trades with only 1 loss, which was a $3,866 ETH short held for just 1 minute. Most of the whale's profit came from BTC longs worth about $28.2 million, with the remaining $1.5 million from ETH positions. The whale's 4 open positions currently sit about $608,600 in profit, with the new ETH longs already generating $2.6 million in unrealized profit.
Current market data shows Ethereum trading at $2,526.75, down 0.99% over 24 hours and 6.39% over 7 days, according to BeInCrypto Markets data. Ethereum's 24-hour trading volume stands near $15.5 billion and market capitalization remains close to $312 billion. The whale's new ETH long entries are positioned near $2,420, which is close to the level where ETH dipped earlier on Tuesday as liquidations swept the market. Bitcoin is trading around $82,837, down roughly 1.5% over 24 hours with a daily range between approximately $82,318 and $83,994, according to CoinGecko. Twenty-four-hour trading volume stands near $36.2 billion.
US spot Ethereum ETFs have recorded 10 straight days of net outflows, with total withdrawals since September 29 totaling approximately $782.6 million, according to SoSoValue data. The streak began right after roughly $437 million in inflows during the week of September 22. US spot Ethereum ETFs recorded $542.2 million in net outflows during Oct. 5–9, with the largest withdrawal coming on October 6 with $201.9 million lost from BlackRock's ETHA. CoinGlass shows large overhead liquidation concentrations near $2,585, $2,635–$2,640, and $2,740, with the closest band sitting just above the $2,560–$2,575 resistance range. The Crypto Market Fear and Greed Index (CGI) remains at neutral, demonstrating that the greed seen during the Q3 rally has eased significantly.
Ethereum faces resistance between $2,558 and $2,640 according to technical analysis from TradingView. The daily chart shows Ethereum's 50-day simple moving average at $2,558.10, roughly 1.1% above current price, while the 20-day average sits higher at $2,640.41. The 4-hour chart places the upper Bollinger Band at $2,559.97, closely matching the daily 50-day moving average. Analyst Ted Pillows identified the $2,560–$2,570 zone as critical for a bigger move, with the whale's liquidation prices sitting near $1,272 and $1,513, far below current levels. If ETH stalls below this zone, the whale still has room for profit. Analysts Ted Pillows and Michaël van de Poppe have set recovery thresholds near $2,560–$2,575, with Pillows' $2,700 scenario depending on Ethereum reclaiming resistance. The technical signals do not by themselves confirm a bottom, with the next several four-hour candles needing to show buyers returning before the signals gain confirmation.
The next test comes from US inflation data, with the September Consumer Price Index (CPI) report landing on Wednesday. Economists expect annual inflation to rise to 3.7% from 3.4%, and a hotter print could pressure leveraged longs while a softer one could support ETH's rebound. Bitcoin Trades Behind a $29.75 Million Record, with the whale's record built quickly through 4 new wallets created about 4 months ago. However, 2 of the whale's older positions are still losing money, with a 10,000 ETH long showing a $1.9 million loss and a 400 BTC long down about $97,000. The whale's current positions demonstrate confidence in the market recovery despite the ongoing ETF outflows and recent price weakness.
