Whales Pile $12.9M USDC into HyperLiquid BTC & ETH Shorts
Multiple crypto whales have deployed over $12.9 million in USDC on HyperLiquid to open high-leverage short positions on Bitcoin (BTC) and Ether (ETH). On October 20, whale address 0x8c58 deposited 5.38 M USDC for a 20× short of 1,500 ETH (~$6.06 M), while 0x939f added 4.5 M USDC to expand its BTC short to 394 BTC (~$43.7 M) and maintain shorts on SOL, XRP and ETH. More recently, an unidentified whale placed 3 M USDC to initiate a 40× leveraged BTC short, bringing its cumulative BTC short profits to $8.6 M. HyperLiquid’s margin trading platform supports up to 100× leverage, attracting large players seeking amplified directional bets. Traders should monitor funding rates and position sizes, as these substantial BTC and ETH shorts could intensify selling pressure and increase market volatility. This pattern of profitable high-leverage strategies underscores persistent bearish sentiment or potential hedging ahead of anticipated price declines.
Bearish
These large leveraged short positions on BTC and ETH by prominent whales suggest increasing bearish sentiment in the cryptocurrency market. In the short term, growing USDC-backed shorts could elevate selling pressure on spot and futures markets, pushing funding rates higher and amplifying price declines. Over the long term, sustained high-leverage strategies by profitable whales may signal broader expectations of downward price movements or serve as hedges against market volatility. Traders should watch funding rates and position sizes for signs of pressure relief or further downside, as historical patterns show whale-driven shorts can sharply impact market liquidity and stability.