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ETH Whale Moves $6.69M to Hyperliquid, Opens 3x Short and Buys 889.3 ETH Spot at $4,385

A major Ethereum whale has caught the attention of on-chain trackers after executing a high-profile move involving millions of dollars on Hyperliquid, a rising decentralized perpetual exchange.

According to transaction data, the whale transferred $6.69 million worth of assets to Hyperliquid before opening a 3x leveraged short position on ETH, signaling a cautious or bearish outlook in the short term. Interestingly, alongside this derivative bet, the same address purchased 889.3 ETH on the spot market at a price of $4,385 per token, totaling nearly $3.9 million in value.

This seemingly contradictory strategy highlights a hedging approach often used by professional traders and whales. By opening a leveraged short while simultaneously accumulating spot ETH, the trader may be looking to:

Hedge against downside risk: The short position could offset potential losses if ETH declines in the near term.

Accumulate ETH at favorable levels: Buying spot ETH indicates long-term bullishness despite short-term volatility expectations.

Exploit funding rate imbalances: Whales sometimes short futures when funding rates are positive, while stacking spot ETH to profit from both positions.

The move comes as ETH continues to face volatile price action around the $4,300–$4,400 range, with traders debating whether Ethereum’s momentum can push it toward new yearly highs or if a correction is due. Hyperliquid, the platform used for this trade, has been gaining traction among large traders for its on-chain transparency, deep liquidity, and perpetual trading features.

Market watchers are split on the implications of this whale’s positioning. Some interpret it as a smart-money accumulation signal, while others see it as a cautious bet on near-term weakness. Regardless, the transaction underscores how whales.