Ethereum News Update: Hyperliquid Whales Drive $100M in Long Positions While Crypto Market Recovery Remains Uncertain

Large investors on Hyperliquid have ramped up their optimistic wagers on

and , pouring close to $100 million into leveraged long trades as the cryptocurrency market attempts a tentative rebound. On November 26, three prominent traders initiated substantial high-leverage positions on Hyperliquid, with one whale entering a 25x long on 7,000 ETH valued at $20.49 million and another opening a 20x long on 346 BTC worth $30.09 million . These actions reflect rising optimism among wealthy traders, even as Ethereum has dropped 28% over the past month and Bitcoin has fallen 13% in the last week .

Ethereum has recently fluctuated between $2,760 and $2,890, hovering near $2,830 as institutional players such as

continue to build their holdings. BitMine now possesses 3.63 million ETH—about 3% of the total supply—after acquiring 70,000 ETH in the last week. The company's assets , highlighting its significant impact on market sentiment. Meanwhile, spot Ethereum ETFs saw $55.7 million in new investments last week, offering some support against broader market weakness .

Technical indicators point to a pivotal moment for Ethereum, with resistance concentrated between $2,870 and $2,960, and support found at $2,720, $2,400–$2,500, and $2,200.

that if prices fall below $2,800, it could trigger renewed selling, while a sustained move above $2,960 may indicate a broader market recovery. This scenario is similar to Bitcoin's challenges near $90,000, have intensified downward pressure.

Despite recent turbulence, the bold long bets on Hyperliquid stand out. One major trader saw profits shrink from $100 million to $38.4 million within ten days as Ethereum and

both tumbled over 18%, demonstrating the dangers of high leverage in unstable markets. On the other hand, a long-term investor associated with former BitForex CEO Garret Jin increased its Ethereum stake to $44.5 million, anticipating a rebound as liquidity improves and expectations rise for Federal Reserve policy easing.

Regulatory shifts are also influencing the market.

under Chair Paul Atkins has fostered a more welcoming climate for institutional involvement, and the introduction of Grayscale's Dogecoin ETF signals growing regulatory acceptance of crypto-based securities . Growing institutional interest in privacy coins is also evident, as Nasdaq-listed companies like Reliance Global implement treasury strategies .

Looking forward, traders are monitoring Ethereum's December upgrades, macroeconomic indicators, and ETF flows for direction. If the Fusaka upgrade succeeds, it could boost Ethereum's scalability, while renewed ETF inflows into Bitcoin and Ethereum may help steady risk sentiment. Still,

that liquidity shortages among market makers—worsened by October's $20 billion liquidation event—could keep volatility elevated.