- One trader controls two Hyperliquid wallets holding a combined $247.3M ETH along with about $600K total PnL.
- Culper Research says Ethereum fees dropped nearly 90% after the Fusaka upgrade increased blockspace.
- Binance data debates continue as analysts question whether rising ETH activity includes spam transactions.
A large Ethereum position on Hyperliquid has drawn attention across the crypto market. Two of the platform’s largest ETH long accounts appear to be connected to the same trader. Blockchain data shows the combined position is worth about $247.3 million.
Market observers are watching closely because the bet comes during mixed sentiment around Ethereum’s network economics and future demand.
Large ETH Position Linked to Two Hyperliquid Accounts
On-chain tracking shows that two major ETH long positions may belong to a single entity. The accounts, labeled 0xa5B and 0x6C8, show similar funding activity and trading patterns. Data indicates that both accounts open and adjust positions at similar times.
They also use similar services and follow comparable leverage structures. Together, the accounts hold a combined long position of about $247.3 million in Ethereum. The position places the trader among the largest ETH bulls currently active on Hyperliquid.
NOBODY KNOWS HIM – BUT THIS TRADER IS LONG $250 MILLION OF ETH
The two largest accounts longing ETH on Hyperliquid appear to be controlled by the same entity. Trader 0xa5B shares the same funding patterns, positioning and service usage as the second largest ETH long trader,… pic.twitter.com/EZNu1flbQK
— Arkham (@arkham) March 6, 2026
Trading records show the entity has produced about $600,000 in total profit so far. The figure is relatively small compared with the size of the current exposure.
Market watchers say such positions often attract attention because liquidation levels can influence short-term price moves. Large leveraged trades may affect market sentiment if volatility rises.
Ethereum Upgrade and Fee Decline Raise Concerns
The trade appears during a period of debate around Ethereum’s network revenue. A report from Culper Research recently presented a bearish view on the asset. According to the report, the Fusaka upgrade increased available blockspace across the network.
This change allowed more transactions but also reduced average transaction fees. Culper Research estimates that network fees dropped by about 90 percent after the upgrade. Lower fees can reduce validator earnings since validators depend partly on transaction fees.
The report states that weaker fee income could affect staking incentives. Validators may receive less revenue if network activity does not grow enough to offset the fee drop.
Some analysts note that Ethereum has adjusted its economic model several times through network upgrades. Protocol changes can alter fee structures, issuance, and validator rewards.
Debate Over Network Activity and Address Growth
Culper Research also questioned recent increases in Ethereum transaction activity. The report claims some of the activity may come from spam transactions.
It also suggests that certain address growth may be linked to poisoning attacks rather than real user adoption. Address poisoning is a known tactic used in blockchain ecosystems.
Bearish for ETH.
A very bearish report from Culper Research just came out, and the writers are now short ETH.
They’re essentially saying that the Fusaka upgrade increased blockspace and fees collapsed by about 90%
The lower fees also mean a lower validator income – so weaker… pic.twitter.com/M5Zxnmgjmi
— Nic (@nicrypto) March 6, 2026
In this method, attackers send small transactions to create confusing address histories. The activity can raise transaction counts without representing new demand. Other market participants argue that blockchain metrics often include many types of transactions.
These may involve bots, testing activity, and automated trading systems. Because of this, analysts usually compare several indicators together. These include transaction value, active users, and total value locked.
Vitalik Buterin ETH Sales Add to Market Discussion
The report also mentioned Ethereum co-founder Vitalik Buterin and his recent ETH transfers. Data shows he sold about 19,000 ETH in recent activity. At current estimates, the sale represents around eight percent of his total holdings.
Observers note that founders often sell portions of assets for donations or funding. Public blockchain records show Buterin has transferred tokens in the past for similar purposes. These transfers are often directed toward research or charitable causes.
Market participants continue to monitor large Ethereum positions and network changes. The $247 million Hyperliquid trade remains one of the most watched ETH bets in recent weeks.
