On-chain tracker Lookonchain revealed that newly created wallet 0x89BC deposited $4 million worth of USDC into Hyperliquid in the past four days. The wallet then put its funds into high-leverage pair trades, indicating high confidence that Bitcoin will outperform Ethereum.
Disaggregated current leverage position
This wallet entered into two broad perpetual futures contracts with leverage of 10. The trader took a 10x long position at 218.6 BTC, and the notional value of the position was approximately $19.15 million with an average entry price of approximately $87,700. Meanwhile, the trader shorted 5294 ETH 10x, incurring a notional exposure of approximately 15.59 million at an average cost of approximately 2,940. Together these positions are clearly aimed at profiting from an increase in the BTC/ETH ratio rather than market direction.
Bitcoin aims to outperform ETH strategy
When this happens, Bitcoin tends to be more successful than Ethereum because the correlation decreases. Current market trends support this strategy. Bitcoin has also been very stable, while Ethereum's performance has been slightly sluggish. As a result, the trade shows a small unrealized loss long on BTC, a large unrealized gain on short ETH, and the total position remains profitable.
Hyperliquid continues to attract advanced traders with its layer 1 perpetual platform with abundant liquidity, high-performance execution, and sub-second settlement. Millions of dollars are traded every day. A sharp decline or rise in Bitcoin or Ethereum may require immediate corrective action or trigger a forced sale.
