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40x Leverage, Millions on the Line — Meet the Trader Betting Big Against BTC

This weekend, a trader on Hyperliquid, a decentralized derivatives exchange, caught the crypto community’s attention with an impressive short position on Bitcoin. Using 40x leverage, the trader’s bet has a notional value of approximately $379 million—enough to make waves in the crypto world.
Trader “Tether FUD” Draws Attention with a Bold Bitcoin ShortAt 1:00 PM ET on Sunday, March 16, all eyes were on the Hyperliquid trader under the handle "0xf3f." The trader deposited around $16.2 million into the decentralized derivatives platform, securing a high-risk short position on Bitcoin with 40x leverage.
With an entry price of $84,018 and a liquidation threshold at $86,593, the position holds a notional value of approximately $379 million, keeping market watchers on edge. In a surprising turn of events on Hyperliquid, trader "0xf3f" changed their account name to “Tether FUD.”
Meanwhile, BTC hovered just above $84,000, and by 12:05 PM ET, the trader was dangerously close to liquidation when Bitcoin briefly spiked to $85,059. Some in the crypto community speculated that market players were aware of the short position and attempted to force liquidation.
However, BTC didn’t stay high for long. The price quickly dipped back to just above $84,000 and later fell further to $83,906 per coin. With each drop, the trader’s short position became increasingly profitable.
At the current BTC price, they hold an unrealized profit of around $2.4 million. Many speculate that this trader might have insider knowledge, given the size of their bet. Regardless of their insights, one thing is clear: as long as BTC stays below $84,000, "Tether FUD" is winning. By 1:10 PM, BTC remained above $84,000, slightly cutting into the trader’s floating profit.

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