A whale address, 0xc2a3, opened a $140 million Bitcoin short position on the Hyperliquid exchange today, using 5× leverage, leading to a current paper profit of $1.3 million.
Such a major short position affects Bitcoin's market sentiment, spotlighting potential volatility and influencing trading dynamics across related cryptocurrencies.
A whale address opened a $140 million BTC short position on the Hyperliquid exchange. The trade leveraged 5×, entering at $112,598 per BTC. The address reflects a current paper profit of approximately $1.3 million.
"Another whale, 0xc2a3, just opened a 5x short on 1,240 $BTC($140M) on #Hyperliquid." — @Lookonchain, Blockchain Intel Analyst
Involved is the address 0xc2a30212a8DdAc9e123944d6e29FADdCe994E5f2, which has a history of large trades. Actions include selling 5,255 ETH for $22 million USDC, funding the BTC short. The market impacts are being closely monitored.
Market responses followed the opening of the large short position on BTC. Trading volumes spiked, and liquidity risks have increased. Institutional watch extends over Hyperliquid and other exchanges, observing if similar trends appear.
Financial implications stem from known ETH and BTC transactions. The sell‑off for USDC and subsequent BTC short may spark market corrections. With a noted pattern in directional trading, the position's fallout could intensify volatility.
Community and analyst opinions indicate interest in the implications of this whale action. Market anticipation focuses on large position adjustments possibly heralding broader shifts. Whales might hedge, signaling strategic overhauls rather than abandoning BTC altogether.
Technological, financial, and regulatory consequences suggest vigilance, particularly given historic patterns. Derivative shifts and ETF inflows present contrast, showcasing optimism in different markets. Observations of crypto analytics emphasize the effects of whale strategies.