The notorious whale who has made staggering returns by trading Bitcoin on Hyperliquid has survived a bull consortium to liquidate his $420 million position.
A whale wallet has recently been trending for its risky but highly rewarding trades. The user has made over $16 million in one month by trading Bitcoin, Ethereum, and Hype with insane leverages on Hyperliquid.
Meanwhile, on Saturday, the whale opened a new Bitcoin short position worth a staggering $332 million. Notably, this trade came despite the pioneering cryptocurrency’s recent bounce towards its 200-moving average above $84,000.
With Hyperliquid reducing its leverage limit from 50x to 40x due to a recent occurrence, the user used the highest leverage, opening the Bitcoin short position at an entry price of $84,040 and an initial liquidation price of $85,300. He placed his take profits at $69,414 and $58,664, raising questions within the crypto community.
Bull Consortium Hunts Whale’s Liquidation
Meanwhile, the current short position aggrieved a faction of whales, who formed an alliance to hunt the user’s liquidation price. Led by self-acclaimed “liquidity providor,” CBB, the band swung into action, driving Bitcoin’s price to $84,690 in a few hours through eight-figure purchases.
Max Brown, a prominent influencer, revealed purchasing $500,000 worth of Bitcoin (6.07 BTC) in a team effort to push prices to the whale’s liquidation.
Seeing the ploy, the whale took to adding margin to his open Bitcoin short position to avoid liquidation. Data shows that the user deposited 5 million USDC from Arbitrum to increase his liquidation price.
Nonetheless, the alliance failed to hunt down the 40x short position, as the asset has since dropped to $83,602, leaving the whale in profit. Interestingly, he has closed parts of the trade in profit through the TWAP strategy and currently holds $420 million with a PnL of $2.3 million.
The motivation behind its take-profit targets remains unclear, as BTC would need to drop by a massive 17% to hit the first target of $69,414 and by a substantial 30% to reach $58,664. Last month, market participants on prediction market Kalshi projected that BTC could drop to $58K this year.
Whale On MELANIA Long
While the whale is bearish on Bitcoin, it is surprisingly bullish on MELANIA, a meme coin tied to Melania Trump, the first lady of the United States. The address has a running 5x long position on the meme coin worth $387,536 at the time of writing.
Data indicates he opened the position at an entry price of $0.6913 with an undetermined liquidation price. Meanwhile, the whale is nursing a mild gain from the position, with MELANIA trading at $0.6944 at the time of writing.
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