BIT-linked whale adds USDC to defend 120,000 ETH long on Hyperliquid

A whale described in reports as linked to BIT, formerly Matrixport, added $5.84 million in USDC as margin to defend a 120,000 ETH long position on Hyperliquid. Earlier reports said the position was opened at an average of $2,261, used roughly 15x-20x leverage, and had already paid $1.86 million in funding fees. The unrealized loss was first reported around $78 million and later at $84.48 million, while reported liquidation ranges moved from roughly $1,309-$1,415 across four related addresses to about $1,241-$1,272 in a later analyst update. The position was also cited by analyst Ai Yi as one of three major whale ETH trades carrying about $537 million of combined liquidation risk across 345,000 ETH. Separately, EmberCN said on June 6 that another whale bought an additional $24 million of ETH, bringing its purchases over a little more than one day to 93,330 ETH for 152 million USDT at an average price of $1,633. That address's holdings reached 167,400 ETH worth about $261 million, with a reported liquidation price of $1,356, roughly $200 below the current level.