Whale Slams $84M Long on Bitcoin as Texas “Buys the Dip”
A mystery whale just opened a massive $84.19 million long position on Hyperliquid, signaling extreme conviction that Bitcoin’s chop is over.
On-chain analyst The Data Nerd flagged the trade Friday. The wallet, which recently realized over $10 million in profits, entered the 3x leveraged position near $91,400.
The bet? Bitcoin breaks out. The risk? A liquidation price near $60,000 if the market nukes.
The “Texas Put”
Institutional support is hardening the floor. The State of Texas officially entered the chat this week, purchasing $5 million in BlackRock’s IBIT ETF.
Lee Bratcher, President of the Texas Blockchain Council, confirmed the entry price averaged $87,000.
This isn’t just a pilot program. It’s a signal that sovereign-level entities are front-running the next leg up.
S&P Calls Tether “Weak”
While whales and states bid, traditional finance remains skeptical. S&P Global Ratings downgraded Tether (USDT) to a “weak” score of 5 this week.
The agency cited Tether’s lack of transparency and its 5.6% reserve allocation to Bitcoin as primary risks. If Bitcoin crashes, S&P argues, USDT could become undercollateralized.
Tether CEO Paolo Ardoino didn’t flinch.
“We wear your loathing with pride,” Ardoino posted on X.
Market Outlook
The board is set. S&P sees systemic risk; Texas and the Hyperliquid whale see a discount. Bitcoin traded at $91,200 at press time, squeezing shorts who bet against the $90k support.
