The big one is coming! Is the whale hunting operation starting?

On March 17, a mysterious investor on the Hyperliquid platform established a massive Bitcoin short position using 50x leverage, causing severe market turbulence.

The position's unrealized profit peaked at over $6 million within 24 hours, but it subsequently faced targeted attacks from retail alliances—Twitter users initiated a "whale hunting operation," calling for group funds to concentrate on going long, aiming to force the shorts to liquidate through price fluctuations.

Market anomalies showed that at midnight on March 16, Bitcoin's price suddenly surged by 7.2%, directly causing the unrealized profit of the short position to drop to zero and resulting in a $2 million unrealized loss, forcing the investor to urgently add $5 million in USDC margin.

This collective short squeeze essentially exploits the vulnerabilities of the leverage mechanism: when the price breaks through key levels, the exchange's forced liquidation mechanism may trigger a chain reaction.

Notably, TRON founder Justin Sun is suspected of intervening in the battle, as his on-chain fund movements are highly synchronized with market fluctuations, increasing the uncertainty of the situation.

Currently, the short position still maintains an unrealized profit of $5.36 million, but the risk exposure continues to grow. Data from the Hyperliquid platform shows that the daily liquidation amount in March has climbed to $400 million, revealing the extreme consumption of liquidity by high-leverage trading.

As an analyst, Feng Ge believes this type of game carries threefold risks: loopholes in exchange margin rules may lead to systemic risks; market manipulation causes price distortions; and retail investors following trends may become "cannon fodder."

Ordinary investors are advised to focus on two major indicators: whether Bitcoin can hold above the $83,000 weekly support, and the changes in ETH contract positions on the Hyperliquid platform (current open contracts exceed $3 billion).

It is important to be alert, as this capital showdown may trigger a "whale eating whale" chain reaction—if price fluctuations exceed 5%, it could trigger a liquidation wave of over $1 billion.

The market is continuously changing, and we are closely monitoring the situation to seize new entry opportunities. Like and leave a comment, let's navigate the bull and bear markets together to seize this major opportunity.