A crypto whale has initiated a $43 million leveraged long position on Ethereum, utilizing 20x leverage on the Hyperliquid platform. The trader deposited $2.43 million in USDC to control 13,976 ETH, with a liquidation threshold set at $3,311.7. This bold move follows a 17% drop in Ethereum's price this week and a decrease in open interest. On-chain data from Lookonchain suggests the use of a new wallet, indicating the trader's strong belief in Ethereum's potential rebound. The position carries significant risk, with only a 3.4% margin before liquidation, but a 5% price increase could result in a $12 million profit.