This is one of those trades you can’t just scroll past.
A single whale wallet on Hyperliquid — 0xFB78…e0A3 — has doubled down again, turning this into the largest $BTC long position on the platform by a wide margin. And despite being slightly underwater, there’s zero sign of stress.
Let’s look at the numbers.
The position now stands at 2,830 BTC, carrying a massive $259.55 million notional size. The average entry sits around $92,318.6, while Bitcoin is currently trading lower near $91,713. That puts the trade in mild drawdown — roughly –$1.71M unrealized PnL, with the 7-day PnL at –$1.49M.
Not pretty — but far from alarming.
What really separates this from a typical high-leverage gamble is how it’s being managed. Instead of trimming or panicking, the whale recently added another $20M in margin, pushing total margin to approximately $12.98M. Leverage remains controlled at around 7.66×, and the liquidation price sits way down at $81,157.
That’s not a fragile long.
That’s breathing room.
Even more interesting: the take-profit order at $93,300 is still sitting there, untouched. No adjustments. No fear. Just patience.
Zooming out, the wallet currently shows an account value of $33.74M, with $7.78M in free margin still available. Exposure is 100% long, making this an oversized, high-conviction directional bet.
Whether this trade ends in headlines or hard lessons remains to be seen. But one thing is undeniable:
