Bitcoin Whale Stares Down $90M Liquidation on Hyperliquid
A large Bitcoin trader has found themselves in a precarious situation after opening a massive short position on Hyperliquid, a decentralized exchange. The trader initially shorted 1,600 BTC at 40x leverage, worth around $102.6 million in notional value. However, as Bitcoin surged past $65K, the whale was forced to cut 200 BTC from the position, locking in approximately $146K in realized losses.
The remaining 1,400 BTC short is now valued at around $90.54 million, with a liquidation price hovering near $65K. The trader initially funded the trade by depositing 2.44 million USDC into a wallet with no prior on-chain history, according to on-chain analytics tracking the address (0xff84dd888de8ac2ed9a44860dc44e57025d68f1d).
The whale's position is large enough that its liquidation could itself move the market. A forced buyback of 1,400 BTC would create sudden buying pressure, potentially triggering a cascade of other short liquidations in the process.