From Major Gains to a Painful Loss

A prominent large-scale investor, once holding a highly profitable long position on Ethereum, has erased over $6 million in unrealized gains through a series of ill-timed trades. The saga began with a long position initiated on October 11, which the investor held for 34 days. At its peak, this trade showed a paper profit of more than $6 million, making it the second-largest ETH long position on the Hyperliquid platform.

However, the market turned, and instead of securing the profits, the investor held the position until it was ultimately closed at a realized loss of $2.04 million.

A Series of Losing Reversals

Immediately after exiting the long trade, the whale attempted to capitalize on market volatility by opening a short position, betting that Ethereum’s price would fall. This strategy quickly backfired, and the position was closed for an additional loss of $1.38 million.

On-chain data from HyperInsight reveals the trader has since pivoted back to a bullish stance. The whale now holds a new ETH long position valued at $43.74 million, acquired at an average price of $3,432. This latest trade is already underwater, showing an unrealized loss of approximately $660,000.