Hyperliquid whale trader converts $1 billion long Bitcoin position to short🚨🚨
A cryptocurrency trader named James Wynn (DEX nickname "moonpig") executed one of the largest on-chain short positions in history on the Hyperliquid platform. He opened a $1 billion Bitcoin short position with 40x leverage, investing nearly $50 million, his entire wallet balance. Previously, he had just closed a similarly sized long position, reducing $17.50 million in historical profits. Wynn had predicted Bitcoin's price to reach $110,000, but the price only slightly increased from about $107,300 to approximately $108,000. The current short position has brought him around $3 million in profit, but if Bitcoin's price rises to $110,446 without additional margin, the position will be forcibly liquidated. Despite the losses, Wynn's total profit on the Hyperliquid platform still exceeds $40 million. The platform's open interest has reached an all-time high, and the platform token HYPE's price has risen over 8% in the past 24 hours, nearing its historical peak.
