Hyperliquid Whale Who Lost $10 Million Now Bets on Solana
A Hyperliquid trader lost $10.5 million on a single Ethereum long position, erasing 10 consecutive winning trades worth $6.32 million, before immediately opening a 10x leveraged long on $26.97 million worth of Solana.
The trader's Ethereum position ran for roughly nine days, significantly longer than any of the previous winning trades which typically lasted minutes or hours. With ETH falling 19.70% over the past week to $1,787.11, the single $10.5 million loss more than cancelled out the entire profitable streak.
New Solana Position
Rather than stepping back after the significant loss, the trader immediately rotated into a new leveraged bet on Solana. The position holds 383,265 SOL at 10x leverage, with an average entry price of $70.49.
Despite SOL falling 20.94% over the past week to $70.27 and 7.21% in the last 24 hours—the steepest drop among the 10 largest coins—the position would only be liquidated if SOL falls to about $36.82, approximately 48% below current levels.
Market Analysis
Analyst Michaël van de Poppe noted that SOL sits unusually far below its 21-day moving average, with potential resistance at $85 to $90 if a bounce occurs. A move to $85 would add roughly $5.6 million in paper profit, covering the $4.17 million deficit from the ETH trade.
My Wave B scenario never played out. SOL moved directly into Wave C, hitting the $70 region. The bearish setup played out exactly as anticipated, while just a month ago, everyone was targeting $200–$300 after SOL crossed $120.
The broader crypto market remains weak, with $1.97 billion in crypto liquidations over 24 hours, including $88.23 million in SOL. Spot SOL ETFs have also seen outflows of $138.3 million since October 21 without a single day of net inflows.
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