Recent on-chain monitoring data shows an interesting phenomenon. A major trader at a leading exchange has been very active in the past 24 hours, rapidly increasing their positions in ETH and HYPE, with a total investment of $24.26 million.

The details of the data are even more worth examining. This trader was most aggressive with ETH—using 25x leverage to hold 8,200 ETH, with a liquidation price locked at $2,874. This strategy is quite interesting; it’s like setting a strong support level for ETH. As long as ETH doesn’t break below this line, they keep accumulating. If bears try to push the price down? They’ll have to face this continuous stream of buy orders.

The operation with HYPE is similarly aggressive. Using 10x leverage to acquire 8,888.88 tokens, a number chosen quite deliberately. Some say it’s a coincidence, while others believe it reflects a firm expectation for HYPE’s future. Regardless, such precise position sizing indeed sends a positive signal to the market.

From a trading logic perspective, this major trader’s heavy ETH holdings are a bet on Ethereum’s fundamentals—after all, ETH’s position as the leading public chain remains relatively stable; while their large HYPE position is more like betting on the explosive potential of a new project. This combination strategy indicates that market sentiment is still quite optimistic.

Of course, high leverage trading carries significant risks. Whether this move will directly skyrocket or be tested by the market remains to be seen. But from these on-chain data, we can definitely sense some large funds’ views on the recent market trend.