Hyperliquid wallet opens $1.31M 6x TON long as BTC tops $81K

On May 5, a newly created wallet on the Hyperliquid exchange opened a 6x leveraged long on toncoin (TON) worth about $1.31 million. Onchain analytics firm Lookonchain flagged the position as 768,058 TON with a liquidation price set at $1.4213.

The trade executed minutes after the fresh wallet address was created and used roughly $1.31 million of capital to enter the 6x long. At 6x leverage, an adverse price move of about 16.7% from entry would trigger automatic liquidation and wipe the collateral.

When the position was reported, TON was trading above $1.42, leaving the liquidation price slightly below market. A 10% rise from the entry price would produce approximately a 60% gain on the collateral, while a 10% decline would accelerate losses at a similar rate.

The opening of the position coincided with a wider crypto rally. Bitcoin crossed $81,000 for the first time since January following strong spot ETF inflows in April and a reduction in U.S.-Iran tensions.

TON is the native token of The Open Network and is linked to Telegram’s user base of roughly 900 million accounts. When bitcoin leads gains, some altcoins tied to large user ecosystems can experience amplified price moves.

Hyperliquid launched HIP-4 Outcome Markets on mainnet on May 2, adding fully collateralized onchain prediction markets into the same account interface used for perpetual futures and spot positions. The combined offering allows traders to manage different exposure types from a single account.

Onchain trackers have recently highlighted Hyperliquid for large, concentrated positions, including multi-million-dollar bitcoin longs and aggressive altcoin bets. Such high-leverage positions can create operational and market risk for traders and platforms when prices move sharply.

Market participants and onchain monitors are following the 768,058 TON position because of its size, leverage and the broader rally in major crypto assets.