A major whale on Hyperliquid (CRYPTO: HYPE) has opened a staggering $703 million long position on Bitcoin (CRYPTO: BTC), reflecting high conviction in the asset's upside potential.

According to HyperDash data, the trader is sitting on over $20 million in unrealized profit at the time of writing, with their exposure split between Bitcoin and PEPE (CRYPTO: PEPE) positions.

The BTC portion alone is valued at $756 million, at an average entry price just shy of $105,000.

Bitcoin is trading above $106,00, up 1% on the day and about 2.5% below its all-time high.

The whale is leveraged 12.59x with a margin usage of just over 35%, and has maintained a 100% long bias.

Ethereum (CRYPTO: ETH), by contrast, is trading lower at $2,492, down 2% in the past 24 hours.

Other major altcoins like XRP (CRYPTO: XRP), BNB (CRYPTO: BNB) and Solana (CRYPTO: SOL) are moving sideways.

Also Read: Genesis Accuses DCG, Barry Silbert Of Fraud, Seeks $1.2B In Crypto Transfers Made During Insolvency

Pseudonymous commentator James Wynn claimed he is the Hyperliquid whale.

He pointed to a potential breakout pattern forming on the BTC hourly chart.

Wynn suggests the current consolidation may resolve to the upside, pushing BTC closer to the $110,000-$114,000 range.

The trader's additional position in Pepe is also noteworthy, valued at $29.3 million, with an unrealized profit north of $10 million.

The account sits at an all-time profit of over $55 million at the time of writing.

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