Hyperliquid's largest ether long position holder is underwater by $28 million on a concentrated bet of 120,000 ETH, according on-chain data, with liquidation risk looming if prices fall below $1,750 per coin.
The trader accumulated the position at an average entry price of $2,261 per ether across four identified wallets. Current market conditions have pushed the unrealized loss to approximately $28 million, representing a significant drawdown on the leveraged position. The liquidation threshold at $1,750 per ETH sits roughly 24% below ether's recent trading levels, leaving minimal margin for error in a market downturn.
The position highlights concentrated leverage risk on decentralized perpetuals exchanges. If liquidated, the 120,000 ETH position could be force-closed at market rates, potentially triggering cascading losses and increased volatility on Hyperliquid's order book. Wallet activity can be tracked across the four addresses holding portions of this exposure.