Crypto Trader Opens $44.15M Ethereum Long After Converting 10M USDC

A prominent crypto trader, known as "1011short," converted 10 million USDC into Hyperliquid and opened a long position with five-fold leverage, controlling around $44.15 million in Ethereum. The trade involves 15,000 ETH at an entry price of $2,945, with the current market level near $2,896, resulting in a temporary loss of about $38,000.

Market Overview

The liquidation point for this trade is $2,326, indicating a high-risk, high-reward scenario due to leverage.
Bitcoin rose by 1.37% to $89,000 but remains over 20% below last month’s highs.
Leveraged positions worth $337 million were liquidated, primarily from short trades ($233 million) compared to long trades ($104 million).
Major liquidations involved $119 million in BTC and $73.34 million in ETH, highlighting significant leverage usage despite recent volatility.

Institutional Activity

BitMine Immersion Technologies increased its ETH holdings by 69,822 coins, totaling 3.63 million ETH (about 3% of circulating supply).
The company holds 192 BTC, $38 million in Worldcoin, and $800 million in cash, with unrealized losses of approximately $3.4 billion on its ETH treasury.

Large holders and corporate treasuries continue to accumulate ETH, suggesting cautious optimism among major players. However, volatility remains a significant factor, impacting both bullish and bearish positions.