A whale address previously closed a Bitcoin short position at a loss of $831,000 after betting against BTC from August 24 to August 25, according to the report. According to BlockBeats On-chain Detection, the address later switched to a long position early today.

The whale opened a 12x leveraged long of 554.71 BTC, making it Hyperliquid's eighth-largest BTC holding. The position was opened at an average price of $80,140.6, and it is currently showing an unrealized loss of about $748,000.