A major whale on Hyperliquid HYPE/USD has opened a staggering $703 million long position on Bitcoin BTC/USD

The trader is sitting on over $20 million in unrealized profit at the time of writing, with their exposure split between Bitcoin and PEPE PEPE/USD positions.

A major whale on Hyperliquid HYPE/USD has opened a staggering $703 million long position on Bitcoin BTC/USD, highlighting high conviction in the asset's upside potential.

According to HyperDash data, the trader is still sitting on over $20 million in unrealized profit at the time of writing, with their exposure split between Bitcoin and PEPE PEPE/USD positions.

The BTC portion alone is valued at $756 million, at an average entry price just shy of $105,000.

Bitcoin is trading above $106,000, up 1% on the day and about 2.5% below its all-time high.

The whale is leveraged 12.59x with a margin usage of just over 35%, and has maintained a 100% long bias.

Ethereum ETH/USD, by contrast, is trading lower at $2,492, down 2% in the past 24 hours.

Other major altcoins like XRP XRP/USD, BNB BNB/USD and Solana SOL/USD are moving sideways.

Genesis Claims

According to a report by The Block, crypto lender Genesis has accused Digital Currency Group (DCG) of fraud and unlawful preference in a lawsuit.

Genesis, which filed for bankruptcy in January, claims that its parent company, DCG, engaged in "fraudulent acts and misrepresentations."

The lawsuit alleges that DCG preferred its own interests over Genesis's during the lender's insolvency.

The lawsuit also seeks to recover an alleged debt of over $1 billion from DCG and is valued at $1.2 billion, including an alleged fraudulent transfer of cryptocurrency.

Pseudonymous Commentator Claims Identity

Pseudonymous commentator James Wynn claimed he is the Hyperliquid whale.

He pointed to a potential breakout pattern forming on the BTC hourly chart.

Wynn suggests the current consolidation may resolve to the upside, pushing BTC closer to the $110,000-$114,000 range.

The trader's additional position in Pepe is also noteworthy, valued at $29.3 million, with an unrealized profit north of $10 million.

The account sits at an all-time profit of over $55 million at the time of writing.