This week has proven to be one of the most turbulent for Ethereum, with a notable player known as the Hyperliquid Whale making headlines once again. This mysterious figure, recognized for his significant trading positions, has taken a bold step by reinstating a hefty long position on Ethereum.
The whale has reportedly initiated a staggering $70.3 million long position on ETH, employing 20x leverage. This move comes amidst increasing market volatility, as many large investors are opting to cut losses or watch their assets depreciate.
The reemergence of this enigmatic trader was first highlighted by crypto influencer Ash Crypto, who noted that the “Hyperliquid 50x whale is back” after making a $47 million long position.
UPDATE THE WHALE HAS INCREASED HIS ETH LONG POSITION TO $70.3 MILLION AND IS CURRENTLY SITTING ON $1.37 MILLION IN UNREALIZED PROFIT. https://t.co/Y9kaCKxqjs
— Ash Crypto (@Ashcryptoreal) April 7, 2025
Within a short timeframe, the trader expanded this position to $70.3 million, securing more than $1.37 million in unrealized profits, disregarding the broader downturn in the market.
This strategic move raises eyebrows given the timing; Ethereum recently experienced a sharp decline of 14%, dropping to a seven-month low of $1,547, which triggered mass liquidations across both decentralized finance (DeFi) and centralized exchanges.
$106 Million ETH Liquidated, Thousands of Positions Wiped Out
The whale’s actions stand in stark contrast to the widespread turmoil that engulfed the Ethereum DeFi landscape on April 6.
One of the most notable casualties was found on Sky, previously known as MakerDAO, where a single Ether whale suffered a staggering loss of 67,570 ETH, corresponding to around $106 million.
This liquidation occurred as ETH’s price plunged, causing the whale’s collateral ratio to dip below Sky’s critical 150% benchmark.
As collateral fell to 144%, the protocol’s smart contracts were triggered, leading to the seizure and auction of the collateral to cover the outstanding debt.
The drop in ETH to $1,547 initiated a chain reaction of auto-liquidations, marking one of the most significant collapses in DeFi lending history.
An Ether whale faces a $106 million loss after a massive liquidation on Sky protocol, as Ethereum’s price plummets 14% in a chaotic market.#Crypto #DeFihttps://t.co/IlY08tMauN
— Finance Newso.com (@Finance Newso) April 7, 2025
Moreover, this wave of liquidations was not an isolated event. Another major investor narrowly avoided devastation by infusing emergency funds into a vault containing 56,995 wETH, valued approximately at $91 million, to escape liquidation.
In a similarly precarious situation, a whale holding 220,000 ETH, worth about $340 million, was on the brink of a substantial loss until they deposited 10,000 ETH and 3.54 million DAI to elevate their liquidation threshold.
The extent of the losses recorded over the weekend was historic, with over $1 billion liquidated in total.
The Return of the HyperLiquid Whale: Profit-Driven Genius or Fraud-Fueled Gambler?
This is not the first instance of the Hyperliquid Whale’s surprising trades capturing attention in the crypto realm.
According to investigations by ZachXBT in March, the individual behind these significant trades is identified as William Parker, a convicted fraudster with a history of deceit and high-stakes gambling.
Parker, who previously went by the name Alistair Packover, allegedly garnered over $20 million in profits by engaging in massive betting on Hyperliquid and other exchanges using 40x and 50x leverage.
However, the narrative darkens further. Investigation findings revealed that Parker executed his trades using funds obtained through phishing operations and casino exploits.
For example, Parker made $10 million by opening a 50x long position on ETH just prior to a major cryptocurrency policy speech by Donald Trump.
1/ An investigation into the alleged identity of the mysterious Hyperliquid whale tied to illicit activity that profited ~$20M via highly leveraged positions over the past couple weeks. pic.twitter.com/AgKy7SwTNh
— ZachXBT (@zachxbt) March 20, 2025
Another successful wager, a 40x short on Bitcoin, netted him $9 million. These trades were not simply fortunate; they were elaborate gambles funded by stolen resources.
Parker’s fraudulent activities are extensive. Last year, he faced sentencing in Finland after he pilfered $1 million from two casinos through software vulnerabilities.
He subsequently laundered the stolen money using platforms like Binance, Gamdom, and Roobet before betting on Hyperliquid.
Traces of his wallet linked his trading activities to several phishing scams, maintaining relationships with dubious individuals within the crypto space.
Parker’s online persona, @qwatio, had been inactive for years before emerging to promote his trading exploits, presumably to reshape his public image.
Yet, behind the façade, Parker continued to maintain contact with members of phishing rings and moved illicit funds through decentralized platforms.
Why This Long Position Matters Now
The Hyperliquid Whale’s renewed investment comes during a period of heightened macroeconomic uncertainty.
On April 2, President Donald Trump introduced a comprehensive tariff policy, imposing a 25% tax on foreign vehicles and a 10% tariff on all imports.
The crypto market dropped 3% Friday as Trump’s new tariffs raised fears of a global economic slowdown.#TrumpTarrifs #CryptoMarket https://t.co/SmiMbnTGOz
— Finance Newso.com (@Finance Newso) April 4, 2025
This policy act is perceived as a precursor to a potential trade war, consequently igniting chaos in global markets.
The S&P 500 faced its most significant two-day decline on record, losing $5 trillion in value. Bitcoin fell below $75,000, and other cryptocurrencies such as Solana, XRP, and Dogecoin experienced losses exceeding 20%. XRP slipped below its 200-day moving average, SOL fell beneath $100, and DOGE dropped to $0.13.
As traders swiftly sought safety in traditional assets like gold and the Japanese yen, market liquidity quickly dwindled.
As Ethereum currently hovers around $1,515, its standing as the second-largest cryptocurrency asset is perilously close to being challenged by Tether.
The Hyperliquid whale’s significant leveraged bet serves not only as a risky maneuver but also as a bold statement. In an atmosphere paralyzed by apprehension, where even affluent investors advocate for caution, this trader is doubling down on his investment strategy. The outcome of this high-stakes gamble remains uncertain.
The post Hyperliquid Crypto Whale Bets $70.3 Million on Ethereum Long Amid Market Slump appeared first on Finance Newso.
