An address withdrew 2.44 million USDT from OKX and moved it to Hyperliquid before betting against BTC at $64,202, with liquidation set at $64,889.
A wallet moved 2.44 million USDT from OKX to Hyperliquid and then opened a $102 million short position in Bitcoin using 40x leverage, according to on-chain analyst EmberCN. The position was opened at $64,202 and faces liquidation at $64,889, leaving the margin for error at roughly $900 from the current market price. The trade highlights how high-leverage perpetual futures positions can create tight liquidation thresholds, especially when a relatively small collateral base is used to control a much larger notional exposure.