A whale on Hyperliquid has increased a Bitcoin short position to $515 million, marking the largest short in cryptocurrency history.
Whale Increases Short Position
According to CoinGlass data, a record $515 million Bitcoin short position has been opened on the Hyperliquid platform. Last week, the whale opened a $332 million short with 40x leverage.
Comeback After Losses
After facing multi-million losses on Monday, the trader made a stunning comeback with an unrealized profit of $6.43 million. Market participants are attempting to liquidate the whale's position, with the liquidation price at $85,557.
Crypto Market Awaits Fed Decision
Bitcoin has dipped below $83,000, down nearly 1% over the past 24 hours. Overall, $184 million worth of crypto has been liquidated in the past 24 hours, with shorts accounting for the majority ($94.19 million). Bitcoin is expected to be more volatile on Wednesday as the US Federal Reserve is set to announce its rate decision.
The cryptocurrency market continues to exhibit high volatility, with major players like the whale on Hyperliquid influencing market dynamics.
