Hyperliquid ETH positions cleared for $118M, HLP takes over $87M

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ETH price dropped nearly 5% on Hyperliquid in one minute as two ETH long positions totaling $118 million were liquidated, resulting in a $27.18 million loss. HLP took over $87.27 million of these positions and sold them for a $1.975 million profit. ETH analysis shows the account still holds large BTC and ETH long positions with thin margins, which could trigger further selling if prices decline further.

Beepro reports that early this morning, two ETH long positions on Hyperliquid, suspected to be linked to the same institutional address, were liquidated, with a combined liquidation value of approximately $118 million and a trading loss of around $27.18 million. HLP took over approximately $87.27 million of these positions and sold them all after the rebound, earning a profit of about $1.975 million. During the same period, the price of ETH on Hyperliquid dropped nearly 5% within one minute due to a cascade of sell-offs.

This round of liquidations may not yet be over. The same network of related accounts still holds substantial long positions in BTC and ETH, with margin buffers now severely limited. If BTC and ETH continue to decline, when will these hundreds of millions of dollars in long positions trigger another wave of selling pressure?

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