Weekly profit of $30.5 million—how this swing trader doubled their earnings on HYPE short positions

According to the latest monitoring data, a trader known as the “20 Million Wave Hunter” achieved a profit of $30.5 million over the past week. This address (0x880a) currently manages $149 million in holdings, renowned for high-frequency swing trading, with an average holding time of only 20 hours. More notably, since October last year, this trader has turned approximately $20 million of principal into nearly $100 million in profit—such a return rate is quite rare in the crypto market.

Strategy Shift: From Concentration to Diversification

Major adjustments in position structure

This whale’s recent operations reflect a clear strategic shift. Previously, its positions were highly concentrated, with ETH and HYPE short positions accounting for up to 98.6%, a typical “all-in” bet. But in recent days, this extreme concentration strategy has changed.

According to the latest data, the address has begun diversifying risk:

• Partial closing of existing HYPE and XPL short positions
• Added short positions in assets like BTC, SOL, kPEPE, etc.
• Total holdings increased from $111 million ten days ago to $149 million now

This transition indicates that the whale is seeking more balanced risk management rather than continuing to bet on a single asset.

Current Position Overview

Interestingly, this address holds both long and short positions in HYPE. This hedging strategy indicates a deep understanding of HYPE’s price volatility, using different directional positions to capture swing opportunities.

Profitability Data Perspective

Remarkable capital efficiency

Looking at the conversion from principal to profit, this trader’s capability is indeed noteworthy:

• Principal size: about $20 million
• Cumulative profit since October: nearly $100 million
• Profit in the past week: $30.5 million
• Annualized return (assuming continuation): well over 1000%

What lies behind these numbers? High-frequency trading, accurate market judgment, and full leverage utilization. An average holding time of 20 hours suggests this trader is chasing short-term swing opportunities rather than long-term holdings.

Today’s Risk Reminder

It is worth noting that, influenced by the market rally this morning, the intraday unrealized profit of this address retraced by about $9.55 million. This reminds us that even experienced traders face short-term losses due to market volatility. However, it still holds about $9.5 million in unrealized gains, indicating overall position management remains under control.

Market Significance of HYPE Short Positions

Liquidation risk of the largest short

This address currently holds about $38.2 million in HYPE short positions, with an average price of $31.3 and a liquidation price of $42.7. What does this mean?

According to relevant information, HYPE’s current price is $25.57, which is below the whale’s average price. But the liquidation price of $42.7 means that if HYPE’s price rebounds to that level, the short position will be forcibly closed. This sets an “upward pressure level” for HYPE—if the price breaks above, it could trigger a chain of liquidations.

As the largest short whale on Hyperliquid, the position changes of this address are themselves market signals. Its gradual closing of positions may suggest waning confidence in further declines of HYPE.

Summary

The story of this “20 Million Wave Hunter” reveals several key features:

1. Exceptional capital efficiency: Nearly $100 million profit from $20 million principal, driven by high-frequency trading and precise timing.

2. Flexible strategy adjustment: Transition from highly concentrated dual-asset shorts to diversified multi-asset positions, reflecting enhanced risk management awareness.

3. Resilience amid market volatility: Despite a nearly $10 million intraday retracement during this morning’s rally, overall holdings remain profitable.

4. Signals worth monitoring: Changes in HYPE short positions and the existence of a $42.7 liquidation price could serve as reference points for future market movements.

For ordinary investors, such whale trading data is more about observing market sentiment and capital flows rather than blindly following. High-frequency swing trading requires professional skills and risk tolerance, and is not suitable for everyone.