Top traders on Hyperliquid are showing mixed sentiment across major cryptocurrencies like Ethereum (CRYPTO: ETH), Bitcoin (CRYPTO: BTC), with some locking in profits while others double down on bullish bets.
What Happened: Data from Lookonchain shows that all five of the most profitable traders held Ethereum longs, though positions are diverging as volatility returns.
- A “BitcoinOG” closed his $193.8 million ETH longs (55,133 ETH), taking home roughly $2.8 million in profit.
- Another whale remains long on ETH ($114.5 million) and Dogecoin (CRYPTO: DOGE) (5x, $23,000), while shorting Astar ($61.5 million) and Pepe (CRYPTO: PEPE) ($11.8 million).
- Resolve Labs and The Eternal BTC Shorter continue to bet against the market with shorts on ETH ($9.68 million) and BTC ($128.3 million) respectively.
- A trader with a long winning streak is staying aggressively bullish, holding 25x ETH, 20x BTC, 20x Solana (CRYPTO: SOL), and 10x UNI longs, with $29.46 million in profits to date.
Also Read: US Senate Discloses Landmark Crypto Market Structure Bill, Eyes Passage By Late 2025
Why It Matters: Santiment data shows Bitcoin's whale wallet activity remaining the key driver of broader market direction, accumulation by large holders and micro holders selling often precedes strong rallies.
While small ETH wallets (≤0.01 ETH) have been in a four-month decline, major holders (100–100,000 ETH) began heavy accumulation in late June, driving ETH's ~87% rally into late August.
XRP (CRYPTO: XRP) has lagged, with a lack of institutional participation capping upside momentum.
Wallets holding less than 0.1 XRP have been steadily accumulating since XRP's seven-year high above $3.62 in July, showing ongoing retail FOMO.
Analysts suggest a true reversal could only occur once retail capitulation sets in.
Read Next:
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
