A Bitcoin whale opened a $450M short position on Hyperliquid with 40x leverage.
The whale deposited $5M in USDC to strengthen its position and avoid liquidation.
A Bitcoin whale on Hyperliquid is facing a coordinated effort to force liquidation after opening a $450 million short position with 40x leverage. The trader’s aggressive move has drawn widespread attention from the crypto community, triggering a “manhunt” led by traders aiming to counteract the position.
The trader first opened the massive short position on March 16, initially valued at over $300 million. By March 17, the position had grown to 5,167 BTC, worth around $429 million. The whale closed two positions through Time-Weighted Average Price (TWAP) for a total of 208 BTC, valued at over $18 million.
At 4:30 AM UTC, the whale deposited $7.5 million in collateral to avoid liquidation. On-chain data shows an unrealized loss of $1.1 million in profit and loss (PNL). However, the trader’s short position
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