An interesting phenomenon worth noting—the top 2 ETH long positions on the Hyperliquid platform are held by address 0x94d…33814, which currently holds a combined total of $318 million in ETH, BTC, and SOL long positions.

It seems this big holder is not having an easy time; unrealized losses have reached $3.9 million, with ETH positions accounting for the largest share at 62.4%.

But here’s a chilling detail—this big holder has not pulled back due to the unrealized losses. On the contrary, at the BTC price range [$95,150 - $95,381], they have placed a total of 786.85 BTC limit buy orders, totaling $74.95 million. They also have large buy orders ready at ETH price range [$3,285 - $3,300].

This approach is quite intriguing—despite the paper losses, the big holder’s actions indicate their outlook on the market. Such increased positions in adversity usually suggest a strong confidence in a market rebound.