Hyperliquid's largest ETH long position has a maximum unrealized loss of $33.86 million, exceeding more than twice the initial margin.

May 28: Per monitoring by Hyperinsight (t.me/HyperInsight), as the ETH price dropped below $2,000, the largest ETH long position on Hyperliquid—operated by the so-called "BIT Whale"—suffered massive unrealized losses across four linked addresses, totaling $33.86 million. Calculated from its initial investment of approximately $16.5 million, this unrealized loss has now exceeded twice the original capital. Currently, this whale holds a long position of 120,000 ETH (valued at roughly $237 million) on Hyperliquid, with an overall weighted leverage of about 18x. Based on the weighted average entry price of funds across its addresses, the group’s average entry point sits around $2,270, and its most recent liquidation threshold stands at $1,716. It is reported that these addresses belong to BIT, a digital financial services group formerly known as Matrixport. The group received multiple internal fund transfers for these positions and previously took billions in ETH long positions, netting over $50 million in profits. Addresses: 0xa5b0edf6b55128e0ddae8e51ac538c3188401d41 0x6c8512516ce5669d35113a11ca8b8de322fd84f6 0xa875890465dA20062bCF3b024Bf7d54E69C725a8 0xfd423284f6a9c73a2a3d53cab8921d6533533d97