A trader known for significant moves on the Hyperliquid platform has placed a major bet against Bitcoin. This time, the position is worth $333.9 million with 40x leverage.
Return of the Hyperliquid Trader
According to Simononchain, a wallet tagged '0xf3f4…057c', linked to a known trader, has placed a massive $333.9 million short on Bitcoin using 40x leverage. This trader previously made high-risk moves with Ethereum, prompting changes in platform rules.
The New Big Bet
The trader entered at $84,040.80 per Bitcoin. However, with Bitcoin now trading at $84,294, they are facing $1 million in unrealized losses. Previously, this trader used strategic fund withdrawals, leading to auto-liquidation and losses for the platform.
Risks and Market Impact
With such a large-scale bet, the trader is at significant risk as their margin usage reaches 111%. Any unfavorable price movement could result in substantial financial loss. Such large trades could impact the entire market, especially if the outcome turns negative.
Large trades on platforms like Hyperliquid, such as the current position by a known trader against Bitcoin, draw significant attention and can pose substantial risks to both the trader and the wider market.
