Large traders on the decentralized derivatives platform Hyperliquid are ramping up leveraged bullish bets on Bitcoin and Ethereum as BTC rebounds toward the $71,000 mark, with many wagering the asset will soon break above $75,000.
Trading activity on the perpetual futures exchange shows crypto participants increasing their leverage after bitcoin’s sharp rally earlier this week. The world’s largest cryptocurrency climbed to roughly $71,000 on Tuesday, up from around $65,000 when BTC futures reopened Sunday evening.
The move has revived expectations that bitcoin could soon retest recent highs after failing to hold gains near $74,000 last week.
On-chain data reveals several large traders — often referred to as whales — opening sizeable leveraged long positions on Hyperliquid as prices trend higher.
One trader is currently holding combined long positions in bitcoin and ether valued at about $194 million, with unrealized profit and loss hovering around $6.5 million. Another account has accumulated roughly $103 million in long exposure across multiple trading pairs, suggesting a broader bet on a crypto market-wide breakout rather than a rally led solely by major tokens.
Positions on Hyperliquid are typically opened using leverage, allowing traders to amplify exposure well beyond their initial capital. In one case, a wallet deployed 20x leverage to open a series of trades, meaning a $1 million account could control a $20 million bitcoin position. The trader established 20x leveraged longs on 600 BTC worth roughly $42.5 million while simultaneously opening a 20x long position on 20,000 ETH valued at about $41.2 million.
The same whale also appears to be accumulating ether in spot markets. Blockchain data shows the address spent about $21 million in USDC to purchase 10,158 ETH at an average price of $2,067 shortly before entering the derivatives trades.
The cluster of nine-figure positions suggests many traders are confident the current rally could develop into a sustained breakout rather than a short-lived bull trap similar to last week’s move.
Not every participant shares that bullish view. Another wallet, identified as 0x985f, appears to be taking a different macro stance. The address deposited $9.5 million in USDC into Hyperliquid over a five-hour period before opening 20x leveraged short positions tied to oil markets, including roughly $8.17 million in crude oil contracts and $6.15 million in Brent oil futures.
The same trader also initiated short positions across several crypto tokens — including HYPE, PUMP, XPL, APT and ASTER — indicating a bearish outlook on select altcoins even as large traders concentrate bullish bets on bitcoin and ether.
The positioning highlights how decentralized derivatives platforms such as Hyperliquid have become key venues for large leveraged trades during periods of strong bitcoin momentum.
If bitcoin breaks above $75,000, it could trigger short covering and accelerate the rally. A pullback, however, would quickly test the conviction of traders currently holding massive leveraged long positions.
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