Whale increased short position on Hyperliquid to $25M across BTC, ETH, and SOL.
The position, using 5x leverage, has recorded losses exceeding $700,000.
No liquidation yet, but market movement continues to counter the whale’s short direction.
A large crypto whale has expanded a major short position on Hyperliquid, targeting Bitcoin, Ethereum, and Solana. The trader has now deposited a total of $25 million in USDC across multiple transactions. According to on-chain activity, the most recent deposit added $5 million to the position. This short is executed with 5x leverage and is currently experiencing losses exceeding $700,000.
Initial Position Started on May 10 with $13M
On May 10, the whale initiated the first move by transferring $13 million in USDC to Hyperliquid. The funds were used to open 5x leveraged short positions against BTC, ETH, and SOL. The initial strategy involved anticipating a downward price shift across these major cryptocurrencies.
https://twitter.com/lookonchain/status/1921119175507841451
The move was recorded on-chain, with wallet activity confirming the exact transfer time and targeted trading pairs. At the time of deposit, market conditions were relatively stable, and prices for the three tokens had not shown any breakout.
Position Grows to $25M With Latest $5M Transfer
In a continued bid to expand exposure, the whale deposited an additional $7 million after the initial short was placed. The most recent transaction, involving $5 million, brought the total value locked into this short to $25 million.
https://twitter.com/lookonchain/status/1921730818424143874
This position remains active on Hyperliquid, one of the platforms offering leverage options for crypto traders. The open interest tied to this whale now stands among the largest observed on-chain for this type of strategy.
Losses Build as Market Holds Above Key Levels
Despite the whale’s increasingly short exposure, Bitcoin, Ethereum, and Solana prices have remained mostly stable or upward-trending. On-chain monitoring tools indicate that the whale’s short position has entered a drawdown phase.
Current unrealized losses have surpassed $700,000 across the combined trades. No recorded signs of liquidation have occurred, and the position remains open. Data from Hyperliquid reflects the drawdown percentage, with multiple trades still actively running under margin requirements.
Although the positions are under pressure, margin thresholds appear to have allowed further deposits. With continued high-stakes activity, this whale has become a focus of attention across derivative tracking platforms. As of the latest update, there has been no visible change to the open short trades. The market has responded with increased liquidity around the targeted tokens. Large volume movements have not aligned with the whale's short direction, leading to continued exposure risks.
