Three Whales Plunge $1 Billion into Bitcoin Longs on Hyperliquid, CryptoQuant Data Supports Healthy Bull Market

Three whales on Hyperliquid have placed a staggering $1 billion in long positions on Bitcoin with 40x leverage

Three whales on Hyperliquid have placed massive long positions on Bitcoin (BTC) with 40x leverage, collectively holding $1.03 billion in positions as of May 21, 2025.

The first whale, identified as 0x5078, longed BTC at $105,033.4, and is currently up $15.83 million with a liquidation price at $100,270.

As the market price of BTC stands at $106,901.2, this trader seems to be in a favorable position to exit their trade.

Source: Hyperliquid

The second whale, 0xc653, entered at $106,901.2, and is currently up $107,490 with liquidation at $93,560.

The third, 0x46e3, joined the bullish ranks by longing at $107,132.6, facing a $142,800 loss and a liquidation price of $100,430.

These positions, which add up to over $1 billion in size, are remarkable for their sheer magnitude and the high leverage employed by the whales. With 40x leverage, any price movement, whether up or down, is amplified significantly.

In contrast to the bullish whales, a lone trader, 0x51d9, has taken a bearish stance, shorting Bitcoin BTC at $107,091.9 with a position size of $88 million, also at 40x leverage. This trader is currently up $149,509, with a liquidation price at $108,500.

The clash between these massive long and short positions has created a billion-dollar showdown, drawing attention from the crypto community.

The use of 40x leverage, a level that amplifies both gains and risks, suggests a powerful conviction in Bitcoin’s (BTC) near-term growth. This could be interpreted as a bold prediction of a significant price breakout, potentially driven by their analysis of market trends, such as Bitcoin’s recent climb past $107,000 and growing institutional adoption as evidenced in record inflows for Bitcoin and Ethereum ETFs and JPMorgan’s shift in stance.

Alternatively, some speculate that these whales might have access to insider information, such as upcoming regulatory developments or major market-moving announcements. For instance, earlier in 2025, a whale’s leveraged long position on Bitcoin and Ethereum, closed just before a U.S. cryptocurrency strategic reserve announcement, raised suspicions of insider trading. While there’s no direct evidence of such knowledge in this case, the timing of these trades fuels speculation that these whales might know something and take action.

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CryptoQuant: It’s not yet time to exit

Let’s delve into on-chain analytics to better understand Bitcoin’s future price movements.

On May 20, 2025, CryptoQuant suggests that Bitcoin’s recent price rebound, currently sitting at $106,000, lacks signs of overheating, a positive indicator for a sustainable bull market.

Source: CryptoQuant

CryptoQuant highlights a recurring pattern in Bitcoin’s price cycles: during this bull run, each time Bitcoin reached a new all-time high, Binance recorded sharp spikes in market buy volume and funding rates, followed by corrections due to market overheating (Chart – Boxes 1 and 2).

These overheated phases led to prolonged corrections, during which investor sentiment weakened, and many traders exited the market. However, as the market “lightened” from reduced selling pressure, Bitcoin eventually surged to new highs.

Now, as Bitcoin appears poised to break through its previous highs again after a recent correction, the pattern is notably different (Chart – Box 3). Unlike the previous rallies, this rebound is occurring without an overheated funding rate, and Binance market buy volume is trending downward, signaling a more cautious market.

While some might view the declining buy volume as a sign of weak momentum, CryptoQuant argues it reflects a healthier rally. They point to two key reasons:

First, the rapid overheating in the previous two rallies triggered significant corrections that dampened sentiment and shook out weaker hands. In contrast, the current “lightweight” market, with moderate funding rates and lower buy volume, suggests a more stable foundation for growth, reducing the risk of a sharp downturn.

Second, despite short-term fluctuations, Binance market buy volume has shown a steady upward trend since 2023 (Chart – Yellow Arrow), indicating sustained buying interest over the long term.

This persistent buying sentiment supports the