A prominent Bitcoin whale, known as '1011short,' has made a significant move in the Ethereum market by opening a $44.15 million long position on Hyperliquid. The trader deposited $10 million in USDC to back a 5x leveraged position involving 15,000 ETH at an entry price of $2,945.83 per ETH. Currently, the position is experiencing an unrealized loss of over $38,000, with a liquidation threshold set at $2,326.6. This strategic move occurs amid a broader crypto market recovery, highlighted by Bitcoin's resurgence to $89,000 and Ethereum's trading near $2,896. In the last 24 hours, the market saw $337.86 million in leveraged positions liquidated, predominantly affecting short sellers who incurred losses of approximately $233.05 million.