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The identity and strategy of the cryptocurrency investor known as the “Hyperunit Whale,” whose on-chain assets once exceeded $11 billion, are back in the spotlight.
The whale in question reportedly lost approximately $250 million after opening the largest $ETH long position on Hyperliquid. On-chain data indicates that the investor held Bitcoin for years but changed strategy in 2025, aggressively accumulating Ethereum.
The Hyperunit Whale is said to have accumulated a large amount of Bitcoin between 2017 and 2018, purchasing over 100,000 $BTC in the first six months of 2018. The whale held over 90% of its $BTC holdings for approximately seven years, maintaining its classic buy-and-hold strategy until August 2025.
It is stated that the total $BTC holdings reached $11.14 billion at the on-chain peak, with $4.49 billion (approximately 39,738 $BTC) transferred to Hyperunit for sale. The current value of these $BTC is reported to be approximately $2.74 billion.
According to market sources, the whale’s strategy changed following the increasing interest in Ethereum on Wall Street, and especially after Tom Lee accelerated his $ETH purchases. His Bitcoin-heavy portfolio was replaced by aggressive $ETH accumulation.
During this process, it is stated that the whale acquired 886,371 $ETH worth $4.07 billion (currently worth approximately $1.78 billion), and staked 856,372 $ETH of this amount (approximately $3.94 billion) on Beacon Chain (currently worth approximately $1.72 billion).
On-chain analysis shows a one-time transfer of $40,000 between the Hyperunit whale and Garrett Jin. It’s also reported that the whale transferred millions of dollars to a Binance deposit address allegedly linked to Trend Research.
This data has led to speculation that the three individuals in question may know each other. However, there is no official confirmation.
Based on the current situation, it is estimated that Hyperunit Whale suffered approximately $3.5 billion in losses from leveraged $ETH positions and on-chain $BTC/$ETH assets on AAVE, approximately $2.22 billion from staked $ETH positions, and an additional $250 million from the leverage liquidation that occurred at the beginning of the month.
Although Hyperliquid’s net position is currently reported to be at break-even, its total realized and unrealized losses are said to have reached approximately $5.7 billion since its peak profit/loss (PnL).
*This is not investment advice.