$BTC #BTC

40x Leverage, Millions at Stake – Meet the Trader Who’s Betting Big Against BTC

This weekend, a trader on Hyperliquid, a decentralized derivatives exchange, attracted attention with his impressive short position on Bitcoin. Using 40x leverage, the trader’s bet has a notional value of about $379 million — enough to attract attention in the crypto world.

Tether FUD' Trader Grabs Attention With Bold Bitcoin Short Bet

At 1:00 p.m. ET on Sunday, March 16, all eyes were on a Hyperliquid trader named “ 0xf3f. ” The trader had invested about $16.2 million into the decentralized derivatives platform, setting himself up for a high-risk short position in Bitcoin with 40x leverage.

With an entry price of $84,018 and a liquidation threshold of $86,593, the position has a notional value of about $379 million, keeping market watchers on edge. In an unexpected turn of events on Hyperliquid, trader “0xf3f” decided to change his account name to “ Tether FUD .”

Meanwhile, the price of BTC was hovering just above $84,000, and at around 12:05 PM ET, the trader was dangerously close to liquidation when Bitcoin briefly rose to $85,059 per coin. Some in the crypto community watched with anticipation , convinced that market manipulators were aware of the short position and were trying to force its liquidation.

But BTC didn't stay high for long. The price quickly dropped back into the range just above $84,000, and then even lower to $83,906 per coin. With each drop, the trader's short position becomes more profitable.

At the current price of BTC, they have an unrealized profit of approximately $2.4 million. Many speculate that this trader may have information that is not available to the general public, given the size of their short bet. Regardless of their knowledge, one thing is clear: as long as BTC remains below $84,000, “Tether FUD” is in the black. As of 1:10 pm, BTC has held above the $84,000 range, reducing the trader’s floating profit.