A newly created crypto wallet has opened a massive leveraged bet on Ethereum. On-chain data shows the wallet deposited about $30.7 million in $USDC into Hyperliquid. The funds were used to open a long position on 40,000 $ETH. It is worth around $80 million.
$ETH super bull 0x6C85 keeps pouring money into Hyperliquid to go long $ETH.
— Lookonchain (@lookonchain) February 10, 2026
So far, he has deposited 30.71M $USDC and opened a long of 40,000 $ETH($80.92M).
He may add more to the position.
Will the market liquidate this super bull?https://t.co/cJJqc3jjWF pic.twitter.com/S4C9CDXaSa
The trade uses 20x leverage, which greatly increases potential gains and losses. The position was opened around the $2,020 to $2,040 price range. Soon after entry, the trade showed unrealized losses of more than $1 million. The whale, identified as 0x6C85, appeared only hours before the trade. Tracking accounts say the trader may add more funds to the position.
Rapid Deposits Build a Massive Position
The position didn’t appear all at once. The wallet first deposited about $12.8 million in $USDC. That amount opened an initial long position on more than 16,000 $ETH. But the trader kept sending more funds. Over several hours, the total deposit climbed to $30.7 million. The position then grew to 40,000 $ETH in size.
At current prices, the position sits near break-even. Still, the high leverage creates a narrow safety margin. On-chain estimates place the liquidation level near $1,930 per $ETH. This means a relatively small price drop could wipe out the entire position.
High-Leverage Bet Draws Market Attention
Large leveraged trades often attract attention across the crypto market. Many traders watch these positions as signals of whale sentiment. Some see the move as a strong bet on an Ethereum rebound. Others view it as a risky gamble. With 20x leverage, even a 5% price move in the wrong direction could trigger liquidation. Similar trades in the past have caused sharp price swings. When big positions get liquidated, they can push the market lower in a short time. This effect becomes stronger on perpetual futures platforms.
Potential Impact on $ETH Market
For now, the position remains open and active. But its size makes it important for short term price action. If Ethereum moves higher, the whale could see large gains. On the other hand, a drop toward the liquidation level could trigger a forced close. That event might add selling pressure to the market.
Traders often watch these large positions closely. They can act as support and risk zones. If the whale adds more funds, the liquidation price could shift lower. Currently, the market waits to see whether this high stakes bet pays off or ends in a costly liquidation.
