Key Points
- An anonymous trader on Hyperliquid has initiated a short position of around $450 million in Bitcoin.
- The trader’s actions have sparked a concerted effort by the crypto community to prevent potential damage to the market.
A trader, known as a whale, has initiated a short position of approximately $450 million in Bitcoin on the Hyperliquid platform. This move has caused a stir in the crypto community, prompting a collective effort to neutralize the trader’s actions.
Data Analysis
Data from Hypurrscan reveals that on March 17, at 6:30 AM UTC, the trader closed two positions, totalling 208 Bitcoin at a price of $83,392. The combined value of both transactions is over $18 million.
Earlier, at 4:30 AM UTC, the trader had added $7.5 million in collateral to their Bitcoin short position to prevent liquidation by the margin on Hyperliquid. On-chain data indicates that the trader has accrued a loss of almost $1.1 million from unrealized profit and loss.
Current Position
Currently, the trader’s position stands at 5,167 Bitcoin, valued at roughly $429 million. The short position is leveraged at 40x and has an unrealized profit of $4 million. Concurrently, the trader also holds a long position with 5x leverage for 571,715 MELANIA, valued at $390,000.
The trader initiated the massive short position in Bitcoin on March 16. A crypto trader known as CBB detected the whale’s activity and called for a public effort to liquidate the whale’s position to prevent harm to the market.
An hour after forming a team, they managed to increase the market price of Bitcoin from $83,183 to over $84,690. Consequently, the whale was forced to deposit $5 million in USDC to increase its margin and avoid liquidation. However, the effort to liquidate the whale’s position is ongoing.
Hyperliquid’s official account commented on the trader’s actions, highlighting the platform’s prominence in the market. It noted that when a whale shorts such a large amount of Bitcoin and seeks public attention, it can only happen on Hyperliquid.
Earlier in March, a whale initiated a long position on Hyperliquid with 50x leverage for 175,000 Ethereum worth $340 million. Due to the size of the position, Hyperliquid had to absorb it at $1,915 to liquidate it, resulting in a loss of over $4 million.
