A cryptocurrency trader has bet $194 million, believing that Bitcoin and Ethereum will continue to rise.

On the perpetual contract exchange Hyperliquid, crypto traders are continuously increasing leverage bets, betting that Bitcoin will break through $75,000 after a significant rally earlier this week.
On Tuesday, Bitcoin's price climbed to around $71,000, up from approximately $65,000 at the Sunday night open of the $BTC futures. Previously, Bitcoin faced resistance near $74,000, and this rally has once again sparked market expectations of testing recent highs.
On-chain data shows that as prices rose, several large traders, often referred to as "whales," established high-leverage long positions on Hyperliquid.
One trader holds a long position worth $194 million in (ETH) and ($BTC), totaling $70,816.15, with an unrealized profit and loss of about $6.5 million. Another account holds a long position worth $103 million across multiple trading pairs, betting on a broader market breakout rather than a single mainstream currency pair's unilateral rise.
On the HyperLiquid platform, trading typically involves leverage, allowing traders to amplify their investments. For example, one wallet used 20x leverage for a series of trades, meaning a $1 million account could control a $20 million Bitcoin position. This trader simultaneously went long on 600 Bitcoin( worth about $42.5 million) with 20x leverage, and also went long on 20,000 Ethereum( worth approximately $41.2 million) with 20x leverage.
Hyperliquid position data(Coinmarketman data)
This whale also appears to have been heavily buying Ethereum in the spot market. Data shows that shortly before opening derivative positions, this address spent $21 million USDC to buy 10,158 ETH at an average price of $2,067 per ETH.
Other long positions worth nine figures indicate one thing: crypto traders believe this breakout can sustain, unlike last week when it turned into a bull trap.
Another wallet address, 0x985f, has taken a different macro approach. The address deposited $9.5 million USDC into the Hyperliquid platform over five hours, then opened a 20x leveraged crude oil futures short position, including about $8.17 million in (CL) contracts and $615,000 in Brent crude oil contracts.
The same trader also opened short positions on several altcoins, including HYPE, PUMP, XPL, APT, and ASTER, indicating a broader bearish stance on some altcoins, while large traders concentrated their long positions on Bitcoin and Ethereum.
This positioning highlights how decentralized derivatives platforms like Hyperliquid have become centers for large leveraged trading during strong Bitcoin rallies.
If the price breaks through $75,000, it could force short sellers to cover, accelerating the rally; conversely, if the price drops, it will quickly test the confidence of traders holding nine-figure leveraged long positions.