Bitcoin Trader Takes On $102.6M Short Position on Hyperliquid

A large Bitcoin trade has been made on Hyperliquid, with a trader opening a 40x short position worth $102.6M. The trader deposited 2.44M USDC into their account and used it to open the short position on 1,600 BTC.

The trade was opened at a price of $64,888.97, which is just above the current market price of around $63,982.97. This has sparked interest among traders and analysts, who will be watching closely to see how this trade affects Bitcoin's price.

On-chain data shows that BTC is trading within its Bollinger Bands, with an upper resistance level at $64,512.83. The EMA50 and EMA200 indicators are also providing support for the bullish trend, despite a neutral RSI reading of 54.75.