Hyperliquid’s largest long position is spread across 11 addresses holding BTC and ETH positions worth a combined $487 million, according to ChainCatcher, citing monitoring by on-chain analyst 余烬. The entity is long 3,000 BTC worth $216 million at an average entry price of $72,000, and 120,000 ETH worth $271 million at an average price of $2,260. After prices fell following the trades, the positions reached a maximum floating loss of $120 million in early July. A two-day rise in prices has since brought the entity back to break-even.