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? π€·ββοΈ
- 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 didnβt go well. π
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 βboldβ (or perhaps βfoolhardyβ), 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. π§
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. π
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. π¦ΈββοΈ
“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. β
“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. π€¦ββοΈ
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 wouldnβt want to bet on a token named after a former First Lady? π€·ββοΈ
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 βrevolutionaryβ like a whale shorting $450M+ BTC and wanting a public audience. π
“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. π
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 βOops!β π¬
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2025-03-17 08:33