Massive ETH Long Positions Emerge from Tron-Funded Whales on Hyperliquid

In a striking development within the cryptocurrency trading landscape, two prominent addresses have amassed significant long positions in ETH on the Hyperliquid platform, totaling over 95,000 ETH valued at approximately $190 million. According to crypto analyst @ai_9684xtpa, these positions rank as the top two ETH long holdings on Hyperliquid, raising questions about potential connections between the traders. The funds for these trades were bridged from the Tron network to Arbitrum, suggesting a coordinated strategy by a single whale or entity. This activity highlights the aggressive bullish sentiment among large players despite recent market volatility, with ETH trading around key support levels that could influence future price action.

The first address, 0x6C8512516Ce5669d35113A11Ca8B8DE322fD84F6, deposited 21.798 million USDC as margin to Hyperliquid within the past three hours as of February 10, 2026. Immediately following, it opened a 20x leveraged long position on 35,164.2 ETH, equivalent to $70.5 million, at an average entry price of $2,044.11. Currently, this position shows a floating loss of $1.245 million, reflecting ETH's recent dip below the $2,050 mark. Traders monitoring on-chain metrics via platforms like hyperbot.network can observe the real-time updates, emphasizing the high-risk nature of leveraged trading in volatile markets. This move aligns with broader market indicators, where ETH's 24-hour trading volume has surged, potentially signaling accumulation phases amid bearish pressures.

Analyzing the Second Major ETH Long Position

The second address, 0xa5B0eDF6B55128E0DdaE8e51aC538c3188401D41, holds the largest ETH long position on Hyperliquid. Last night, it initiated a 60,000 ETH long trade worth $120 million at an average price of $2,059.8, now incurring a floating loss of $3.12 million. An earlier tweet from @ai_9684xtpa detailed how this address previously suffered a $9.63 million loss on a long position just 10 hours prior, yet re-entered with a 15x leveraged long on 60,000 ETH at $2,060.12, valued at $122 million. In the past three hours, it added 7.5 million USDC in margin, reduced the position by 4,000 ETH (realizing a $109,000 loss), and currently faces a $1.711 million floating loss. These adjustments suggest active risk management, with the trader bolstering liquidity to avoid liquidation amid ETH's price fluctuations.

Both addresses share notable similarities: their margins were sourced via cross-chain bridges from Tron to Arbitrum, and the timing and tactics appear synchronized. This could indicate operations by the same entity, possibly a major whale capitalizing on perceived ETH undervaluation. From a trading perspective, ETH's current price hovers near critical support at $2,000, with resistance at $2,100. On-chain data reveals increased transfer volumes from Tron, correlating with rising open interest in ETH perpetual futures across exchanges. Traders should watch for breakout signals; a rebound above $2,060 could validate these longs, potentially driving ETH towards $2,200 based on historical patterns. However, with floating losses mounting, liquidation risks loom if ETH dips further, influenced by macroeconomic factors like Bitcoin's dominance and overall crypto market sentiment.

Trading Opportunities and Market Implications for ETH

For crypto traders, these whale activities present intriguing opportunities. The combined positions exceed $190 million, dominating Hyperliquid's ETH longs and possibly influencing spot prices through leveraged derivatives. Key metrics include ETH's trading pairs like ETH/USDC and ETH/BTC, where recent volumes have spiked 15-20% in the last 24 hours, per on-chain analytics. Institutional flows from networks like Tron suggest growing confidence in ETH's long-term value, especially with upcoming upgrades potentially boosting scalability. Risk-averse traders might consider hedging with options or monitoring RSI indicators, currently showing oversold conditions around 40, hinting at a reversal. In a broader context, this ties into stock market correlations, where tech-heavy indices like Nasdaq influence crypto sentiment—ETH often mirrors AI-driven stocks, offering cross-market trading strategies. Always use stop-losses in such volatile setups, as these positions underscore the high-stakes game of crypto trading.