Hyperliquid's top ETH bull faces $47M unrealized loss

On-chain analytics platform Spot On Chain reported via X that the largest Ethereum bull on Hyperliquid is holding a long position of 120,000 ETH, valued at approximately $271 million. The position has an average entry price of $2,261. With the current ETH price having fallen to around $1,870, the investor's unrealized loss stands at approximately $47 million. The position's liquidation price is in the $1,355 to $1,617 range, with the nearest liquidation point at $1,617—about $250 below the current market price. Spot On Chain noted that if ETH were to drop near $1,617, the forced liquidation of this position could accelerate a market downturn.