Hyperliquid’s Top Two Traders Build $1.06 Billion in Shorts, Betting on Crypto Decline
Summary
- Hyperliquid’s top two monthly profit accounts built a combined $1.06 billion in short positions as they bet on a decline in the cryptocurrency market.
- The top-ranked account holds $617.5 million in shorts across 22 assets including ETH, BTC, SOL, ZEC, XRP, gold and silver, with roughly 4.7 times leverage.
- The second-ranked account holds $439.4 million in shorts across 30 assets including BTC, ETH, ZEC and HYPE, and both accounts have key position liquidation prices well away from current market levels.
Forecast Trend Report by Period
The two top-performing traders on decentralized derivatives exchange Hyperliquid this month have built massive short positions betting on a decline in the cryptocurrency market.
Bitcoin.com reported on Nov. 2 that Hyperliquid block explorer Hypurrscan showed wallet address "0x5b5d…c060" held short positions worth a combined $617.5 million across 22 assets as of 4:40 a.m. UTC that day. The account had equity of about $131.2 million, implying leverage of roughly 4.7 times.
Its largest position was in Ether, with a short of about 97,460 ETH valued at $224.5 million. The average entry price was $2,322.72, and the liquidation price was about $3,701, more than 60% above Ether’s current price. The account also held Bitcoin shorts worth about $182.1 million, or roughly 2,320 BTC. That was followed by Solana at $66.3 million, Zcash at $51.4 million and XRP at $19.5 million. It also included short positions in gold and silver futures worth $25.2 million and $17.7 million, respectively.
The trader’s short position in Hyperliquid’s native token HYPE totaled about 48,837 tokens, valued at $43.1 million, and was showing an unrealized loss of $8.34 million. Despite the loss, the trader added about $700,000 in HYPE shorts between 4:08 a.m. and 4:40 a.m. UTC the same day.
The account ranks first on Hyperliquid’s monthly profit leaderboard. It has generated about $99.1 million in profit over the past 30 days and about $207.7 million in cumulative profit.
The second-ranked trader, wallet "0xb83d…6e36," is pursuing a similar strategy. With equity of about $105.1 million, the account held $439.4 million of short positions across 30 assets. Its main positions were 1,818 Bitcoin worth $142.7 million, Ether at $84.7 million, Zcash at $67.1 million and HYPE at $54.7 million.
Combined, the two accounts held short positions worth $1.06 billion across cryptocurrencies, metals and meme coins. Both accounts have liquidation prices on their main positions that remain far from current market levels, giving them room to absorb near-term volatility.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.