A major investor on the decentralized exchange HyperLiquid has made significant investments in shorting several cryptocurrencies.
Overview of the Deal
A whale on HyperLiquid, a popular decentralized perpetual exchange, has deposited $29 million to short Ethereum (ETH), Solana (SOL), and Bitcoin (BTC).
Details of the Whale's Position
According to data from Whale Alert, the whale deposited another $12 million, bringing the total position value to $69 million. Earlier today, the whale recorded a floating loss exceeding $3 million, with an unrealized loss of $1.5 million at press time. The majority of this loss, $1.2 million, is attributed to the Ethereum short. The position will be liquidated if Ethereum surges to $4,489.
Cryptocurrency Market Context
This audacious bet comes amid a massive Ethereum price surge, which has increased by 35% over the past week, significantly affecting Bitcoin dominance, which is now on the verge of dropping below 60%.
Thus, the actions of the whale on HyperLiquid reflect current market trends and uncertainties that may impact the future prices of Ethereum and other altcoins.
