Hyperliquid's largest Ethereum long position is experiencing a significant floating loss as ETH prices approach the $2,000 mark. According to on-chain analyst Yujin, the position, consisting of 120,000 ETH valued at $71 million, is currently underwater by $27.92 million. The average entry price for this position was $2,261 per ETH. The potential for further losses looms as the liquidation prices for two of the addresses involved are around $1,750, while the other two are approximately $1,350. This development highlights the volatility and risk associated with large leveraged positions in the cryptocurrency market.