The largest cluster of net long Ethereum positions is concentrated around $2,538 on the Hyperliquid decentralized exchange. A wallet identified as 0x0392…d7d9 opened an 8x leveraged long position worth approximately $151 million at that level, with a liquidation price set at $2,460.8. ETH currently trades between $2,662 and $2,683, placing this position above water. Roughly 21% of positions in this cluster were opened above the current price, meaning some traders are sitting on paper losses. A $278 million short at $2,304 shows that major players are also betting to the downside.
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