Whale Realizes $8.99 Million Ether (ETH) Gain, Opens $22.4 Million Oil Long

A crypto whale sold 12,468 Ether (ETH) from a leveraged position for an $8.99 million gain, then opened a $22.4 million oil long on Hyperliquid, moving into commodities trading.

The Ether sale took place Monday, Oct. 19, at $2,368 per token and brought in 29.52 million USD Coin (USDC). The trader had acquired about $30 million in ETH with leverage at $1,647 per token.

After the sale, the trader transferred $20 million in USDC to Hyperliquid. The oil long comprised positions labeled CL and BRENTOIL, with a combined value of $22.4 million. The trader was still adding to the oil positions.

The transfer and position figures measure different things: $20 million was the amount of USDC sent to Hyperliquid, while $22.4 million was the value of the oil exposure. A long position seeks to benefit if the market price rises.