HuoXing Finance reports that on May 28, according to Hyperinsight monitoring, following ETH’s price dropping below $2,000, four addresses linked to the largest long position on Hyperliquid—associated with BIT—suffered significant unrealized losses, totaling $33.86 million. Based on an initial position capital of approximately $16.5 million, the current unrealized loss exceeds the principal investment by more than double. Currently, this whale has diversified long positions on Hyperliquid, totaling 120,000 ETH (approximately $237 million), with an overall weighted leverage of about 18x. Calculated by weighted funding allocation across addresses, the average entry price is approximately $2,270, with the closest liquidation price among the four addresses at $1,716. It is understood that these addresses belong to the digital financial services group BIT (formerly Matrixport), which has repeatedly received fund transfers from its own accounts. Previously, this entity took large long positions in ETH worth hundreds of millions of dollars, generating profits exceeding $50 million. Addresses: 0xa5b0edf6b55128e0ddae8e51ac538c3188401d41 0x6c8512516ce5669d35113a11ca8b8de322fd84f6 0xa875890465dA20062bCF3b024Bf7d54E69C725a8 0xfd423284f6a9c73a2a3d53cab8921d6533533d97
Hyperliquid ETH Max Long Loses $33.86M as Price Falls Below $2,000
MarsBitShare
Summary
On May 28, 2026, the ETH price dropped below $2,000, causing Hyperliquid’s largest ETH long position to incur $33.86 million in unrealized losses. The whale, associated with BIT (formerly Matrixport), holds 120,000 ETH (approximately $237 million) with 18x leverage and an average entry price of $2,270. Analysis of ETH shows the whale previously earned over $50 million from ETH long positions.
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