Bitcoin Whale Enters Ethereum Market with a $44 Million Bet

A well-known crypto trader has made a striking return to the Ethereum market, grabbing the attention of investors and analysts alike. Reports indicate that the account designated as "1011short" converted $10 million USDC into Hyperliquid and subsequently opened a significant long position using five times leverage, totalling approximately $44.15 million in ETH.

Key Takeaways

A prominent trader named "1011short" has entered the Ethereum market with a $44 million long position.
This trader converted $10 million USDC into Hyperliquid, utilizing five-fold leverage.
The current market price for ETH is approximately $2,896, with the trade currently in a $38,000 loss.
$337 million in leveraged positions were liquidated recently, predominantly affecting short trades.
Major movements in Bitcoin and Ethereum signal volatility, with traders advised to watch key price levels closely.

Bitcoin

Major Ethereum Position Established

In this recent trade, the individual utilized 15,000 ETH at an entry price of $2,945, while current market prices hover around $2,896. This places the position approximately $38,000 in the negative for the time being.

According to various reports, the liquidation point for this position is set at $2,326, providing the trader with considerable leeway to navigate market fluctuations. The use of leverage amplifies both potential gains and losses, making this a high-risk, high-reward scenario.

Mixed Signals in Market Momentum

Bitcoin has seen a recovery, climbing back to $89,000, a 1.37% increase over the last 24 hours, although it remains more than 20% down from its peaks last month. Some altcoins have also experienced upward movement, contributing to a wave of liquidations that caught many traders off guard.

This #BitcoinOG(1011short) is back!
He deposited 10M $USDC into #HyperLiquid 6 hours ago and opened a 5x long on 15,000 $ETH ($44.15M)!
Link to source
— Lookonchain (@lookonchain) November 25, 2025

In the past day, $337 million in leveraged positions were liquidated, affecting approximately 112,021 accounts. The bulk of these liquidations stemmed from short trades, totaling $233 million, while long trades accounted for $104 million. One of the largest liquidations occurred on Hyperliquid, amounting to $8.61 million in BTC-USD.

At the end of the day, liquidations involving Bitcoin and Ethereum were substantial, with around $119 million for BTC and approximately $73.34 million for ETH. This highlights the persistent high levels of leverage utilized by traders dealing with both of these major cryptocurrencies, despite the recent significant price swings.

The larger the price movements in either direction, the more traders are uncertain about the timing and magnitude of their trades, which leads to potential losses for both bearish and bullish positions.

Meanwhile, BitMine Immersion Technologies, listed on Nasdaq, increased its Ethereum holdings last week by 69,822 coins, now totaling 3.63 million ETH or about 3% of the available supply. The company also reported holding 192 BTC, $38 million in Worldcoin, and $800 million in cash. Data from CryptoQuant suggests unrealized losses of around $3.4 billion on its ETH treasury, reflecting the dips in the market.

The trend of large wallets and corporate treasuries acquiring ETH indicates a sense of cautious optimism among major market players. However, recent surges were not favorable for many short positions, underscoring the swift nature of market volatility.

Traders are likely to monitor key price levels closely, as movements close to the entry and liquidation points of large investors could trigger new price shifts.

Featured image from Gemini, chart from TradingView