Whale Watch: $12M Ethereum Long Position on Hyperliquid Draws Attention

On September 28, 2025, Whale Watch Perps trailed out a new trade by one of the leading Hyperliquid traders. The trader had added 20,000 worth of ETH at a price of 4,013.60. This increased their cumulative long exposure by 12.04 million. They have an average entering price of 3,924.34.

Position $12.04M Position is being liquidated at $3,445.58

The post is approximately 3,068 ETH. The liquidation level is $3,445.58. This is at approximately 12.2 percent below the average entry price. It is also indicative of leverage that was probably between 5x and 10x. When ETH falls close to that point, there is a possibility of the trade being closed violently.

Tradingview indicated that ETH was trading at approximately about $4,006 at the time of the trade. Support is noted at $3,762. Resistance sits between $5,000 and $5,250. The projections are that ETH will hit $5,250 in October of 2025 assuming it keeps the momentum or fall to about 4,144 in case of selling pressure.

Hyperliquid Builds momentum in Derivatives Market

Hyperliquid is a layer-1 blockchain that is optimized to support perpetual futures. It provides low fees trading on a high frequency basis. By 2025 the crypto derivatives market has traded over $1020b every day. Hyperliquid competes with Binance and Uniswap V4 but only deals with perps. The increased activity of whales indicates the increasing role of the platform.

According to TradingView data, the exchange supply ratio of ETH is the lowest in years, 0.13. The lesser number of tokens in the exchanges held centrally tends to indicate hoarding by long-term investors. This is in line with whale trust and encourages bullishness.

History of ETH Liquidations

According to CoinGlass, ETH liquidation may go up to over 50 million dollars in a day during market tragedies. The liquidation buffer of the trader provides certain security, but emphasizes the persisting threats. Even a sudden decline would eviscerate substantial leveraged speculations.

Whale Watch Perps monitors key movements and traders would usually make track of these movements. It is signaled by the long signals conviction that the resistance can be overcome by ETH that costs 12.04 million dollars. The plan can bring impact on small traders, creating a surge in the market.