The Hyperliquid trading platform witnessed a typical high-leverage life-and-death battle today. On-chain data shows that a new wallet injected 7 million USDC into the platform, and then shorted BTC and XRP simultaneously with 20x leverage, reaching a total position size of 110 million USD.
More notably, the trader in first place on the ZEC short contract leaderboard has found their position in danger. They shorted over 50,000 ZEC with 5x leverage, totaling approximately 25.56 million USD, and currently face an unrealized loss of 10.8 million USD. Their liquidation price is 712.68 USD, while the current ZEC quote is between 478 and 510 USD, leaving only about 40% safety margin before liquidation.
The overall data from the platform shows that the Hyperliquid whale's total position reached $5.88 billion, with a long-short ratio of 0.88 and short positions accounting for 53.23%. Currently, the overall floating profit of short positions is about $166 million, while the floating loss of long positions is $64.19 million, indicating that the market is still in a high-pressure consolidation phase.
The current situation can be described as a 'game of leverage limits': if BTC or ZEC experiences a sudden surge, it will trigger large-scale short positions to be passively liquidated, creating a short-term 'short squeeze' market; conversely, if the price continues to weaken, it may trigger a chain of liquidations. For ordinary traders, this highly leveraged situation is extremely dangerous, and it is not advisable to follow the trend lightly. It is best to set up alerts, observe whale movements, and wait for confirmation of direction after liquidation fluctuations before considering involvement.
