A single crypto trader is sitting on a $194 million bet that bitcoin and ether will keep climbing

Crypto traders on the perpetuals exchange Hyperliquid are placing increasingly aggressive leveraged bets that bitcoin will break above $75,000 after a sharp rally at the start of the week.

Bitcoin climbed to around $71,000 on Tuesday, up from roughly $65,000 when $BTC futures opened on Sunday evening. The move has reignited calls for a retest of recent highs after being rejected near $74,000 last week.

Onchain data shows several large traders — often referred to as “whales” — opening highly leveraged long positions on Hyperliquid as prices rise.

One trader is holding ether ($ETH) and bitcoin $BTC$70,816.15 long positions worth $194 million with unrealized profit and loss standing at around $6.5 million. Another account has $103 million worth of long positions across a multitude of trading pairs, betting on a broader crypto breakout as opposed to a major-dominated rally.

Positions on Hyperliquid are typically opened with leverage, allowing traders to amplify exposure. One wallet, for example, opened a series of trades using 20x leverage, meaning a $1 million account could control a $20 million bitcoin position. This trader opened 20x leveraged longs on 600 $BTC worth about $42.5 million while simultaneously taking a 20x long position on 20,000 $ETH valued at roughly $41.2 million.

HyperLiquid positions (Coinmarketman)

The whale also appears to be accumulating ether in spot markets. Data shows the address spent $21 million in $USDC to purchase 10,158 $ETH at an average price of $2,067 shortly before opening the derivatives positions.

Other nine-figure long positions demonstrate one thing: Crypto traders are confident this breakout will stick and won't be a bull trap like last week.

A separate wallet, 0x985f, is taking a different macro stance. The address deposited $9.5 million in $USDC into Hyperliquid within a five-hour window before opening 20x leveraged short positions on oil futures, including roughly $8.17 million in crude oil (CL) contracts and $6.15 million in Brent oil.

The same trader also opened short positions across several crypto tokens, including HYPE, PUMP, XPL, APT and ASTER, suggesting a broader bearish stance on select altcoins while large traders concentrate bullish bets on bitcoin and ether.

The positioning highlights how decentralized derivatives platforms such as Hyperliquid have become a hub for large leveraged bets during periods of strong bitcoin momentum.

A break above $75,000 could force short sellers to cover and accelerate the rally, while a move lower would quickly test the conviction of traders piling into nine-figure leveraged longs.