A Hyperliquid trader tapped 40x leverage to take out $521 million worth of Bitcoin shorts. Now some “whale hunters” are pushing to get them liquidated.
After making waves last week by handing DeFi protocol Hyperliquid a $4 million loss on a leveraged Ethereum bet, a whale trader is now doing much the same with a massive short position on Bitcoin.
The owner of the wallet in question currently holds a $521 million position betting against Bitcoin’s price rising using 40x leverage, and the enormous short has lured some whale hunters in the process. Over the last day, a group of traders have aimed to push the price of Bitcoin higher to try and liquidate the user—and while they’ve thus far failed, the whale did ultimately put in more funds to boost the liquidation price.
Will the whale prevail, or will this pessimistic Bitcoin bet ultimately cause more damage to Hyperliquid in the process? Stay tuned.
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