Single Crypto Trader Holds $194 Million in Bitcoin and Ether Long Positions on Hyperliquid

Hyperliquid is a vertically integrated platform combining a Layer 1 blockchain with a decentralized exchange. Its core business includes onchain derivatives such as perpetual futures. It accounts for more than 59% of open interest in the DeFi trading market. Its market position and revenue growth potential have made its native token, HYPE, a key investment target for Multicoin Capital.

Multicoin Capital has recently continued to increase its HYPE holdings and published a valuation report projecting that Hyperliquid's annual revenue could reach $8 billion by 2028. The firm set a base-case price target of $319 per token, implying potential upside of more than 400%, or roughly five times its current price.

Hyperliquid is a decentralized exchange focused on on-chain perpetual futures trading. Its native token, HYPE, serves both as a governance token for the ecosystem and as a vehicle for capturing its value. Futures open interest reflects the amount of capital committed to the market, and a rapid increase typically signals greater participation by large traders and institutions while also amplifying leveraged liquidation risks. HYPE’s recent price performance has therefore become an important gauge of demand for on-chain derivatives.

HYPE has gained 44% over the past five days. It pulled back by about 22% at one point after reaching an all-time high, indicating emerging profit-taking pressure at elevated levels. However, open interest in Hyperliquid futures has surpassed $3 billion after rising 32% over the past week. Derivatives capital has yet to retreat significantly, and the market is watching whether spot buying can take over and propel the token toward another test of $80.

Hyperliquid is a decentralized exchange focused on perpetual contracts, where large leveraged positions are often viewed as a gauge of market risk appetite. The whale bet on a decline in Bitcoin while going long Brent crude and short silver, reflecting traders’ assessment of how geopolitical tensions and U.S. employment data could affect risk assets.

As of July 19, the whale had at one point built a Bitcoin short worth about $53 million. Subsequent reports put the position at roughly $52 million, making it the largest short on Hyperliquid, with a liquidation price of $69,909. Other tracking data estimated that the short had fallen to about $38 million, showing that its size continued to fluctuate.

HyperLiquid is a decentralized exchange focused on perpetual contracts, allowing retail investors to trade with leverage directly against their on-chain assets. It has continued to attract active traders during the crypto bear market, while its native HYPE token has outperformed the broader market. BitMine has also expanded its Ether reserves, reflecting continued institutional bets on the Ethereum ecosystem.

The latest data show HyperLiquid’s monthly trading volume has topped $200 billion, while HYPE has gained nearly 24% in 2026. As of its latest disclosure, BitMine held about 4.47 million Ether, representing approximately 3.71% of Ethereum’s total supply and making it a closely watched major corporate crypto holding.