What to know:
- In a plot twist worthy of a galactic soap opera, a crypto whale has decided to swim against the current by raising a leveraged bearish bet on BTC worth millions on Hyperliquid, while simultaneously placing a bullish bet on the MELANIA token. Because why not? 🤷♂️
- A group of traders, armed with nothing but hope and a questionable strategy, made a valiant yet ultimately futile attempt to liquidate this giant BTC short. Spoiler alert: it didn’t go well. 😅
Bitcoin (BTC) has been doing its best impression of a stable genius since last Tuesday, bouncing back to its 200-day average above $84,000 over the weekend. Yet, in a move that could only be described as “bold” (or perhaps “foolhardy”), our crypto whale has decided to raise a leveraged bearish bet on BTC worth millions on Hyperliquid while simultaneously betting bullish on the MELANIA token. Because, of course, that makes perfect sense. 🧐
As of this very moment, the whale is holding a short position in BTC perpetual futures worth over $445 million, generating an unrealized gain of $1.3 million. This position is leveraging a staggering 40x, with a liquidation price set at $86,000. Hyperliquid and Lookonchain are the sources of this riveting tale of financial daring-do. 📈
The outsized short, which anticipates a bitcoin price slide, made quite the splash on social media X on Sunday. Pseudonymous trader CBB, in a move reminiscent of a superhero assembling a team, invited other market participants to join a consortium of bulls aimed at liquidating the whale. 🦸♂️
“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,” blockchain sleuth Lookonchain reported on X, likely while sipping a cup of overpriced coffee. ☕
“The whale was forced to deposit $5M USDC to increase margin and avoid liquidation. But alas, the hunt ultimately failed,” Lookonchain added, probably shaking their head in disbelief. 🤦♂️
As of this moment, our crypto whale also holds a 5x leveraged long position in the MELANIA perpetual futures, anticipating a price rise in the memecoin reportedly marketed by MKT World LLC, a Florida-registered company owned by Melania Trump, the wife of U.S. President Donald Trump. Because who wouldn’t want to bet on a token named after a former First Lady? 🤷♀️
Hyperliquid, ever the cheerleader, celebrated this entire episode on X, proclaiming that the transparency of trading positions on its platform has redefined trading. Because nothing says “revolutionary” like a whale shorting $450M+ BTC and wanting a public audience. 🎉
“When headlines say ‘Bitcoin Market on Edge,’ they are equating ‘Hyperliquid’ with the ‘market.’ 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 declared, likely while patting themselves on the back. 🙌
The platform was in the news last week after an influential whale executed the so-called “liquidation arbitrage” by extracting floating profits, leading to a margin shortage. This induced liquidation and transferred the risk to the decentralized exchange’s HLP vault, which sounds like a fancy way of saying “Oops!” 😬
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2025-03-17 08:33