A Whale Makes a $400 Million Short on Bitcoin
The past few days have been tumultuous in the cryptocurrency market. While Bitcoin (BTC) has been stable above $84,000 since last Tuesday, a crypto whale decided to take a radical short position.
According to Hyperliquid data, this trader opened a short position on Bitcoin worth over $445 million, while also betting long on the memecoin MELANIA.
After closing the position, the whale made over $10 million following last night’s drop to $81,900 per Bitcoin.
This position was opened with a 40x leverage and a liquidation price set at $86,000. As a result of this ambitious position, a group of crypto traders gathered to attempt to liquidate it. The trader CBB issued a call on the X network to gather numerous millionaires to try to liquidate the whale.
As a result, BTC pumped to $85,100 yesterday in a massive candle. However, they failed to overcome the mysterious whale. “We lost a battle, but not the war,” said Cbb on X.
Meanwhile, the trader also took a 5x long position on perpetual futures contracts of the memecoin MELANIA, betting on a rise in the price of this forgotten memecoin. An action that raises confusion among investors.
Hyperliquid, the Platform Redefining Trading
Hyperliquid, the platform where this position was taken, embraced this episode on X, stating that the transparency of trading positions on its platform has redefined trading :
“When a whale shorts $450M+ of BTC and wants an audience, it’s only possible on Hyperliquid. When headlines say ‘the Bitcoin market is tense,’ they equate ‘Hyperliquid’ with the ‘market.’ No one can photoshop a P&L statement. No one can question a Hyperliquid position, just as no one can question a Bitcoin balance. The decentralized future is here.”
In this context, some whales may also use this to manipulate the market. By opening such a significant short on Hyperliquid and taking a more substantial long position on another exchange away from prying eyes.
However, according to Karl from High Stakes Capital, this whale is not an “insider” but merely a “gambler.”
This saga perfectly illustrates the volatile and unpredictable nature of the crypto market. The bold move of this whale, combining a massive bearish bet on Bitcoin and a bullish bet on the MELANIA token, shows that some traders are willing to take significant risks to profit from price movements and manipulate market sentiment.
