Crypto traders on the perpetuals exchange Hyperliquid are placing increasingly aggressive leveraged bets that bitcoin will break above $75,000 after a sharp rally at the start of the week.

Bitcoin climbed to around $71,000 on Tuesday, up from roughly $65,000 when BTC futures opened on Sunday evening. The move has reignited calls for a retest of recent highs after being rejected near $74,000 last week.

Onchain data shows several large traders — often referred to as “whales” — opening highly leveraged long positions on Hyperliquid as prices rise.

One trader is holding ether (ETH) and bitcoin (BTC) long positions worth $194 million with unrealized profit and loss standing at around $6.5 million. Another account has $103 million worth of…