Crypto platform Hyperliquid is seeing a surge of large-scale whale activity, leading to significant long bets on Bitcoin (BTC). Analysts are attributing this trend to the rising excitement for DeFi applications and increasing institutional interest in crypto. 24 hours ago, several high-net-worth wallets opened new positions on BTC, capitalizing on the potential for Bitcoin’s price to reach a new all-time high. This follows a rally of BTC that pushed it above $109,500 on Wednesday, further fueled by renewed optimism in the crypto market, as indicated by a rise in the crypto fear and greed index. 20X to 40X leverage is being used by some whales on Hyperliquid, indicating substantial risk tolerance. The most notable whale, identified through their significant deposits of USDC over recent days, holds an open position with high leverage of $103,710. James Wynn, a high-profile trader known for his risky bets and past liquidations, has also reentered the fray with a new wallet holding a large Bitcoin position worth over $35 million. His position, currently unrealized, showcases continued betting on the potential for Bitcoin’s price surge to continue. However, the market remains cautious, as many traders are in a holding pattern, hovering between short and long positions. As this momentum continues, other whales have followed suit, with some opening HYPE positions on Hyperliquid, potentially fueled by the platform’s recognition for rapid trend-tapping. This influx of activity from whales signifies growing confidence in Bitcoin’s future and its potential to break through resistance points. The rise in Bitcoin open interest on Hyperliquid stands at $2.3 billion, a significant increase despite the recent lull in dramatic liquidations. Meanwhile, Ethereum and Solana are also witnessing increased activity with more risky bets on altcoins.