Bitcoin (BTC) has stabilized since last Tuesday, recovering to surpass the 200-day average of $84,000 over the weekend. However, a notable investor has adopted an opposing view by increasing a leveraged bearish position on BTC worth millions on Hyperliquid, while simultaneously taking a bullish stance on the MELANIA token.
As of the latest update, this investor maintained a short position in BTC perpetual futures exceeding $445 million, which has accrued an unrealized profit of $1.3 million. The strategy involved 40x leverage with a liquidation threshold set at $86,000, based on available data.
This significant short position forecasting a potential drop in Bitcoin’s price garnered attention on social media platform X on Sunday, as a well-known trader assembled a group of bullish market players aimed at liquidating the whale’s position.
“Just 11 hours ago, @Cbb0fe publicly rallied a team to target this whale who shorted $BTC with 40x leverage. Within an hour, the group had successfully pushed $BTC above $84,690 in a short span,” noted a blockchain investigator on X.
“To counter the pressure, the whale was compelled to inject $5 million USDC to bolster margin and avoid liquidation. Ultimately, their efforts to liquidate the whale proved unsuccessful,” they added.
At present, the investor is also maintaining a long position in the MELANIA perpetual futures, leveraging at 5x, expecting a rise in the memecoin’s value, which is reportedly promoted by MKT World LLC, a Florida entity owned by Melania Trump, spouse of U.S. President Donald Trump.
Hyperliquid supported the developments on X, asserting that the clarity of trading positions on its platform has transformed the trading landscape.
“When an investor shorts over $450 million in BTC and seeks a public stage, it can only happen on Hyperliquid. When reports suggest ‘Bitcoin Market on Edge,’ they align ‘Hyperliquid’ with the ‘market.’ Anyone can manipulate a profit and loss screenshot, but no one can dispute a Hyperliquid position, just as no one questions a Bitcoin balance. The era of decentralization has arrived,” Hyperliquid stated.
Last week, the platform captured attention after a prominent trade executed the so-called “liquidation arbitrage,” capturing floating profits that led to a margin shortfall. This resulted in liquidation and shifted the risk to the decentralized exchange’s HLP vault.