A whale deposited $4 million in USDC before opening a 40x short position worth $119 million on BTC.
The position entered at $107,926.60 is currently in a $505K unrealized loss, offset by $1.57M in funding.
Bitcoin trades at $108,071, down 0.93% in 24 hours, with $45.94B volume and volatile intraday price action.
A high-volume crypto wallet has resurfaced with a sizable short position on Bitcoin, valued at over $118 million. On-chain data confirms that the wallet, which previously realized $13.6 million in profits, deposited $4 million in USDC within the last 24 hours. These transactions preceded the re-entry into the market using 40x cross-margin leverage on Hyperliquid.
$4 Million in New Deposits
Confirmed by Spot On Chain, the wallet address recorded three large USDC deposits routed from Arbitrum. The first $2 million landed 19 hours ago, followed by two $1 million transfers spaced one hour apart. All deposits arrived within a single day, increasing available capital for margin-based trading.
https://twitter.com/spotonchain/status/1942390203714527346
With the additional USDC, the trader opened a short position against BTC. The contract size totaled 1,097.47 BTC, with an entry price of $107,926.60. The current BTC price sits at $108,371, pushing the position into a loss. Unrealized PnL is now at -$505,265, or -16.99% in return on equity. According to platform metrics, the total perpetuals equity in the wallet stands at $10.5 million. Vault holdings are worth $3.6 million, and spot value is just under $1.
Total account value reaches $14.12 million, excluding funding rewards. The position is currently 100% short with zero exposure on the long side. Leverage in use is recorded at 11.32x. The margin consumed for the BTC trade totals $2.97 million, while the liquidation threshold sits at $116,508. The account holds no open long positions or other active assets.
Profit History and Current Drawdown
The account previously earned $13.59 million in realized profits from trading. This figure is based on historical PnL charts dating back to January 2025. Activity increased significantly from March to July, with equity peaking in late June. At the moment, the trader holds only one position. The funding on the BTC short has generated $1.57 million.
Despite the unrealized loss, the funding covers more than the current drawdown, maintaining the viability of the position. This activity marks a continued strategy of leveraged BTC shorts using high-value collateral and real-time capital injections. Tracking Bitcoin's current price trend, CoinMarketCap data indicates that Bitcoin trades at $108,071.42, down 0.93% over the past 24 hours.
Source: CoinMarketCap
Market capitalization stood at $2.14 trillion. The 24-hour trading volume reached $45.94 billion, marking a 16.54% increase. Bitcoin's fully diluted valuation (FDV) totaled $2.26 trillion, while the volume-to-market-cap ratio is 2.09%. The intraday chart showed a decline from above $109,000, with multiple short recoveries. The lowest dip occurred around 6:30 AM before a mild rebound. Price action remained volatile throughout the 24-hour session.
