Hyperliquid’s largest long holds BTC and ETH long positions worth $487 million across 11 addresses, according to monitoring by on-chain analyst Ember. The positions have been open for nearly four months and include 3,000 BTC valued at $216 million, bought at an average price of $72,000, and 120,000 ETH valued at $271 million, bought at an average price of $2,260. The entity’s floating loss reached as much as $120 million in early July after prices fell following the opening of the positions. After a two-day rebound, the positions have now returned to break-even.