Bitcoin has demonstrated remarkable resilience, rebounding to its 200-day moving average since plummeting to a low of $76,606 last Tuesday. However, it continues to hover below this crucial technical threshold. In today’s volatile market, a significant whale has adopted a contrarian strategy by entering a highly leveraged short position on Bitcoin perpetual futures via Hyperliquid.
Huge Bitcoin Whale Goes Short
Data from Hyperliquid and blockchain analyst Lookonchain reveals that this whale’s short position exceeds $445 million, employing an impressive 40x leverage. With a liquidation price set at $85,940, the inherent risks of this position are substantial. Despite these risks, the trader is already experiencing an unrealized gain of approximately $4.4 million.
Pseudonymous trader CBB (@Cbb0fe) has rallied a group of market participants to target this position. According to Lookonchain, there is a coordinated effort at play: “This whale still managed to turn a profit despite being hunted by a team! 11 hours ago, @Cbb0fe publicly formed a team to hunt this whale who shorted BTC with 40x leverage. Just one hour later, the team was in action, driving BTC above $84,690 in a short period,” as reported on X.
Interestingly, the whale had to deposit $5 million USDC to bolster its margin and stave off liquidation. Nevertheless, the hunt for this whale ultimately proved unsuccessful; he has continued to expand his short position on BTC. According to blockchain analytics, “Currently, the whale’s position totals 5,406 BTC ($449M), with an unrealized profit of $4.4M.”
CBB intensified the situation with a series of rapid-fire tweets, declaring: “The hunt has begun,” and inviting participants who wish to engage with size to join his team. Later, he added, “We have lost a battle but we have not lost the war. Locked in,” followed by a plea for divine intervention for the liquidation of this whale.
Hyperliquid has emerged as a key player in this unfolding drama, underscoring the platform’s commitment to providing unparalleled transparency in high-leverage trading. In a statement shared on X, Hyperliquid emphasized: “Hyperliquid has redefined trading. When a whale shorts $450M+ BTC and wants a public audience, it’s only possible on Hyperliquid. […] Anyone can photoshop a PNL screenshot. No one can question a Hyperliquid position, just like no one can question a Bitcoin balance. The decentralized future is here.”
Hyperliquid recently gained attention following an event where a notable whale executed a “liquidation arbitrage,” resulting in a margin shortage and forced liquidations that shifted risk to the decentralized exchange’s HLP vault.
As of press time, Bitcoin was trading at $83,455.
