Whales Bet Against Market, Open $116M Bitcoin Shorts

A veteran Bitcoin whale “1011short” has re-entered the market, opening a massive $77 million short position.

The trade was executed at an entry price of $109,133 per BTC. With Bitcoin currently trading near $110,628, the position is sitting at an unrealized loss of about $1.13 million. The wallet’s liquidation price is set at $150,084, indicating a calculated but high-risk strategy.

Second Whale Opens $39M in BTC and ETH Shorts

Meanwhile, a separate wallet, beginning with 0x579f, has also entered the market with large short positions. Over the past two days, this address deposited $2.91 million USDC into Hyperliquid.

It then opened high-leverage shorts on both Bitcoin and Ethereum, totaling around $39.21 million in exposure.

Mysterious Wallet BTC and ETH Short PositionsFor Bitcoin, the wallet opened a 40x short on 147 BTC, valued at $16.3 million, with an entry price of $107,174. As BTC trades higher, the position currently shows an unrealized loss of about $509,000, and its liquidation price stands at $111,550.

The same address also opened a 25x short on 5,656 ETH, valued at $22.9 million, with an entry price of $3,915. With Ethereum now trading around $4,050, the position faces an unrealized loss of roughly $763,900, while the liquidation level is $4,074.

Current Status

Based on on-chain data, the two wallets have a combined short exposure exceeding $116 million on Hyperliquid. Both are currently facing unrealized losses as Bitcoin and Ethereum prices remain above their respective entry levels

No additional details about the traders’ identities have been made public.