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Trader cuts Hyperliquid Bitcoin short to 900 BTC as losses top $1.5 million

Trader cuts Hyperliquid Bitcoin short to 900 BTC as losses top $1.5 million

The whale trader who opened a 1,600 BTC bearish bet has now trimmed 700 BTC in total, leaving about $58.6 million short with liquidation near $64,998.73.

BTC
USDC
HYPE

Fact Check
Every specific figure in the claim is corroborated by primary on-chain analytics accounts. The Lookonchain X post matches the address (0xff84), position (1,600 BTC ~$102.6M), 40x leverage, 2.44M USDC deposit, and exact liquidation price ($64,888.97). EmberCN's independent X post confirms the same event with matching entry ($64,202) and liquidation (~$64,889) prices. CoinNess independently reports BTC trading at $64,013.71, matching the claim's spot price. Two independent trackers plus multiple aggregators agree, with no conflicting evidence found.
Summary

A whale trader's heavily leveraged Bitcoin short on Hyperliquid was cut again as BTC hovered around the position's liquidation zone, reducing the open bet from 1,600 BTC to about 900 BTC and pushing total losses above $1.5 million. Lookonchain said the latest reduction removed 500 BTC, or about $32.58 million, after an earlier 200 BTC trim had already reduced the position to 1,400 BTC. The trade was originally opened with 40x leverage and roughly $102.6 million in notional value from an anonymous wallet beginning with 0xff84 that had been funded with about 2.44 million USDC. The remaining short is now valued at about $58.60 million, and its liquidation price was reported at around $64,998.73. The episode underscores how large, transparent leveraged positions on onchain perpetuals venues can become market focal points because a forced buyback can amplify upward price moves and trigger further short liquidations.

Terms & Concepts
  • Hyperliquid: A decentralized derivatives venue where traders can take leveraged crypto positions onchain through a visible order book.
  • liquidation: The forced closure of a leveraged trade when losses erode the collateral needed to keep the position open.
  • 40x leverage: A trading setup where a position is built with exposure equal to 40 times the collateral posted, magnifying both gains and losses.