- Whale “2TheMoon” returns after losing over $15M in liquidations on Hyperliquid in late 2024.
- The trader returned with a $400K deposit and purchased approximately 10,000 HYPE.
- On-chain data shows capital arriving in staged tranches before the Hyperliquid deposit.
A crypto trader known as “2TheMoon” has returned to Hyperliquid with a $400,000 position in HYPE. This comes months after losing more than $15 million in liquidations on the same platform. The move signals renewed conviction, with funds arriving in staged transfers before being bridged to the platform.
Whale Previously Lost $15M in Liquidations
In early October 2024, on-chain intelligence firm Arkham flagged “2TheMoon” as one of Hyperliquid’s largest active traders. The wallet held over $100 million in leveraged positions at its peak. That month, a forced liquidation wiped out more than $15 million.
Meanwhile, a second liquidation event followed in late 2024, draining what remained of the trader’s portfolio. Blockchain data showed the wallet’s total balance falling from a high of roughly $28 million to approximately $68,000.
The Airdrop Window
Before the second liquidation, Arkham data showed the wallet had accumulated 95,000 Hyperliquid trading points. Those points made “2TheMoon” eligible for the platform’s HYPE token airdrop, launched in late November 2024.
Notably, the airdrop rewarded traders based on historical activity on the platform. The scale of the points balance placed the wallet among Hyperliquid’s most active traders at the time.
Fresh Capital Arrives in Staged Transfers
On-chain data now shows fresh capital entering the picture. A separate wallet sent multiple tranches of $100,000 in USDT to “2TheMoon’s” address over recent months. Three days ago, the wallet consolidated approximately $400,000 in USDC and bridged the full amount to Hyperliquid.
The trader used the funds to purchase around 10,000 HYPE tokens. At the time of purchase, HYPE was trading between $39 and $41. The token currently trades around $39.03, meaning the position sits slightly below its entry price.
Arkham’s transfer data shows the wallet routed funds primarily through FixedFloat, a non-custodial exchange that does not require identity verification.
HYPE Market Context
HYPE has a 24-hour trading volume of approximately $49 million and a market capitalization of roughly $39 billion. The token trades at $39, a 1.6% rise in the past day, increasing the monthly gain to 40%.
The return of “2TheMoon” follows a broader pattern of high-conviction re-entries among traders who experienced significant losses during volatile market periods in 2024. Hyperliquid, which operates as a decentralized perpetual exchange, has continued to attract large traders despite the risks associated with leveraged positions on the platform.
Related: Hyperliquid Price Prediction: HYPE Eyes $42 As $1.7B Oil Volume Drives Breakout Setup
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