Ethereum's price decline has led to significant losses for a major long position on Hyperliquid. The position, associated with a "BIT-affiliated whale," has incurred an unrealized loss of $88.5 million, more than 5.3 times its initial margin of $16.5 million. This comes as ETH briefly approached the $1,500 mark, with losses across four addresses exceeding $10.1 million in the last 24 hours.