ETH $25.5M Short on Hyperliquid as Whale Also Holds $71.5M BTC Short
On 28 May 2026, an anonymous whale (“Evaded”) opened an Ethereum (ETH) short on Hyperliquid worth $25.49M. The trade used 25x leverage and involved 12,600 ETH, first flagged by Onchain Lens.
The whale is also running a larger Bitcoin (BTC) short on Hyperliquid: $71.5M notional with 30x leverage, reportedly showing over $1.6M unrealized profit. Combined, the whale’s ETH and BTC short exposure is close to $97M.
In parallel, a separate high-profile event occurred: a 25x leveraged ETH long previously held by Taiwanese singer/crypto investor Jeffrey Huang on Hyperliquid was partially liquidated. Together, the new ETH short and the liquidation event underline leverage-driven volatility on decentralized perps venues like Hyperliquid.
For ETH traders, this setup increases the odds of sharp, order-book-sensitive moves as market participants reprice the ETH short risk. Watch funding-rate changes, potential liquidation cascades, and ETH price reactions near key liquidation zones.
Bearish
The latest update adds a fresh $25.49M ETH short with 25x leverage, alongside an existing, very large BTC short, pushing the whale’s combined short exposure to roughly $97M. That increases sell-pressure risk and can pressure ETH if price moves against shorts.
However, the partial liquidation of a separate high-leverage ETH long signals that leverage cascades are active on Hyperliquid. In the short term, this can create sharp counter-moves (short-covering) before the downtrend resumes, especially if ETH approaches liquidation zones. Over the longer run, if the ETH short remains open and funding-rate/positioning stays aligned, sentiment typically leans bearish for ETH.
Net: traders should expect elevated volatility and downside bias for ETH, with liquidation-driven spikes possible in both directions.