Large traders on the decentralized derivatives exchange Hyperliquid are ramping up leveraged bullish positions on Bitcoin and Ethereum as BTC rebounds toward $71,000, with many betting the cryptocurrency could soon break through the $75,000 level.

Trading activity on the perpetual futures platform shows crypto participants becoming increasingly aggressive with leverage following bitcoin’s strong rally at the start of the week. BTC climbed to around $71,000 on Tuesday after opening near $65,000 when futures trading resumed on Sunday evening.

The rebound has renewed speculation that bitcoin could attempt another run at recent highs after being rejected near $74,000 last week.

On-chain data indicates that several large traders — often referred to as whales — are opening sizeable leveraged long positions on Hyperliquid as prices push higher.

One trader currently holds long exposure to bitcoin and ether worth about $194 million, with unrealized profit and loss standing near $6.5 million. Another wallet has accumulated roughly $103 million in long positions across multiple trading pairs, suggesting a broader bet on a crypto market breakout rather than a rally driven only by major tokens.

Positions on Hyperliquid are typically opened using leverage, allowing traders to control larger positions relative to their initial capital. In one case, a wallet used 20x leverage to initiate a series of trades — meaning a $1 million account could control a $20 million bitcoin position. The trader opened 20x leveraged longs on 600 BTC valued at roughly $42.5 million while also establishing a 20x long position on 20,000 ETH worth around $41.2 million.

The same whale also appears to be accumulating ether in spot markets. Blockchain data shows the address spent about $21 million in USDC to purchase 10,158 ETH at an average price of $2,067 shortly before opening the derivatives positions.

The emergence of several nine-figure long trades suggests that many market participants believe the current rally could evolve into a sustained breakout rather than another bull trap like the one seen last week.

However, not every trader shares that outlook. A separate wallet, identified as 0x985f, appears to be taking a different macro approach. The address deposited $9.5 million in USDC into Hyperliquid within a five-hour window before opening 20x leveraged short positions on oil markets, including roughly $8.17 million in crude oil contracts and $6.15 million in Brent oil futures.

The same account also opened short positions across several crypto tokens — including HYPE, PUMP, XPL, APT and ASTER — indicating a bearish stance on select altcoins even as large traders continue concentrating bullish bets on bitcoin and ether.

The activity highlights how decentralized derivatives venues such as Hyperliquid have become major hubs for large leveraged trades during periods of strong bitcoin momentum.

A breakout above $75,000 could force short sellers to cover their positions, potentially accelerating the rally. On the other hand, a pullback would quickly test the conviction of traders currently holding massive leveraged long positions.