Hyperliquid whale sees $61M profit erased as ETH and XRP decline

TLDR

Table of Contents

Hyperliquid trader’s profit drops from $100M to $38.4M in ten days.
Ethereum fell 18%, from $3,400 to $2,800, hitting long trades hard.
XRP dropped from $2.5 to $1.96, deepening losses for the trader.
The trader entered ETH at $3,200 and XRP at $2.3, both now below entry.

A well-known trader on the Hyperliquid platform has seen their profit fall sharply from nearly $100 million to $38.4 million. The drop follows a ten-day market decline where Ethereum and XRP both lost over 18% in value. With large long positions in both assets, the trader’s gains were heavily reduced, showing how quickly leveraged bets can turn during sudden downturns in the crypto market.

Hyperliquid Whale Sees Sharp Profit Decline

A major trader on the Hyperliquid platform has seen a steep drop in profits over the past ten days. According to data from on-chain analytics firm Lookonchain, the trader’s gains fell from nearly $100 million to $38.4 million. The fall came after losses in large long positions on Ethereum and XRP.

The market saw broad declines across several major assets, leading to unfavorable moves for leveraged positions. Ethereum and XRP both posted double-digit drops during the same period. As the trader held outsized long positions in both assets, their portfolio was directly impacted.

Ethereum Long Positions Deep in the Red

Ethereum dropped from a high of $3,400 to around $2,800 in ten days. Lookonchain reported that the trader had opened a long position in Ethereum at approximately $3,200. With current prices well below that level, the trade remains in negative territory.

The price action has erased substantial gains made earlier in the month. While the trader is still in profit overall, the ETH long position has been a primary reason for the sharp fall in realized gains.

XRP Drop Adds Further Pressure

Alongside Ethereum, XRP has also seen a marked fall in value. The asset has dropped from $2.5 to below $1.96 during the same ten-day period. According to Lookonchain, the trader opened a long position in XRP at around $2.3. This entry point now places the position at a loss.

Together, the drops in both assets have erased around $61 million from the trader’s total profit. XRP’s fall contributed heavily to this reversal, pushing the trader further from previous profit highs on the platform.

Oversized Positions Expose High Risk

The data reflects the risk associated with highly leveraged positions on platforms like Hyperliquid. Traders may see rapid gains during favorable conditions, but the opposite can occur just as quickly. The recent market movement showed how vulnerable large directional bets can be during sharp pullbacks.

The trader remains one of the top performers on Hyperliquid, but the recent price swings have reduced total profits significantly. The case offers a cautionary example for market participants who rely heavily on single-sided trades during volatile conditions.

Lookonchain, who posted the updates on social media platform X, continues to track large accounts on Hyperliquid and other decentralized trading platforms. Their data indicates that the trader is still holding both positions, suggesting a long-term strategy despite the current losses.