Largest cluster of net long Ethereum positions sits at $2,538

The biggest crowd of leveraged Ethereum bulls has a favorite number, and it is $2,538. The largest cluster of net long ETH positions entered at that price. Another detail matters more: 21% of positions in the cluster were opened above where ETH currently trades. What the Hyperliquid data shows The positioning comes from Hyperliquid, a decentralized exchange for perpetual futures. These contracts let traders bet on an asset’s price without owning it, and they never expire. The headline position in this cluster belongs to a wallet identified as 0x0392…d7d9. It holds an 8x leveraged long worth approximately $151 million, opened at an entry price of $2,538.3. The catch is the liquidation price, set at $2,460.8 for this position. If ETH falls to that level, the exchange closes the trade automatically, and the collateral backing it is gone. Where ETH trades right now Hyperliquid data snapshots as of October 2, 2026 put ETH between $2,662 and $2,683. That places the $2,538 cluster above water, depending on exact timing. The 21% of positions entered above the current price tell a different story. Those traders bought in higher and are, for now, sitting on paper losses. They are not alone a...