Trader 0x0c5 has turned a $29.6 million leveraged Ethereum long position on Hyperliquid into a $2.29 million profit after holding through three weeks of market downturns. The 20x leveraged trade was opened at an entry price of $2,482.2 and was down approximately $1.6 million just four days ago before the recent rally. Ethereum's 5.5% surge today reversed the position's losses, validating the trader's conviction to maintain the high-leverage bet during extended red candles. The swing from a seven-figure unrealized loss to over $2 million in gains highlights the extreme volatility and potential rewards of large-scale leveraged trading on decentralized perpetual exchanges.