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- Bitcoin whale swaps 208 BTC via TWAP at $83,392, totaling $18M, adding $7.5M collateral to avoid liquidation amid $1.1M unrealized losses.
- The whale holds a $429M short position (40x leverage) and a $390K MELANIA long, facing a trader-led manhunt to liquidate the $450M position.
- Hyperliquid hosts high-stakes trades; earlier $340M ETH long caused a $4M loss, highlighting risks in leveraged crypto markets.
According to data on Hypurrscan, the whale performed two swaps of BTC on March 17, which was at 6:30 AM UTC, using the TWAP technique. The transactions totalled amounts of 208 BTC, and the average price for the same was $83,392. This totaled more than $18 million of worth in both transactions.
The mysterious trader deposit an additional $7.5 million in collateral on the Bitcoin short on Hyperliquid to prevent it from being liquidate. On-chain data revealed PNL metrics; the trader has already incurred nearly $1.1 Million unrealized loss, which indicates the magnifying pressure on the high-risk position.
Its current positions comprise a 5,167 BTC short position with 40 times leverage, which is currently approximately worth $429 million. Besides, they have a long position on 571,715 MELANIA tokens, which are approximately equal to $390,000y.
It further tilte on March 16 when a crypto trader on X, with the username @Cbb0fe, pinpointed the whale’s suspicious activity and demanded that the position be close. Finally, CBB called other traders to get involve in the manhunt, saying, “If you are willing to hunt this dude with size, drop a DM, setting up a team right now and already got good size,” said CBB on his post.
Bitcoin Price Surge
In one hour, the team was able to manipulate the price of Bitcoin from $83,183 to a figure of above $84,690 this put a lot of pressure on the whale to fund $5 million into USDC in order to make it out of the declining trade. The whale is able to avoid liquidation by using TWAP in order to manipulate his position.
Hyperliquid, the decentralized exchange that commenced trading the whale, has turned out to be a central icon in the cryptocurrency world. The Hyperliquid official platform further tweeted and said,
“If a whale shorts $450M BTC and wants a public audience, it can only be done on Hyperliquid.”
This is the second significant occurrence, on March 12, a whale opened a 50x leveraged long position in 175,000 ETH worth $ 340 million. Finally, in order to acquire the position, Hyperliquid lost over $4 million because it did not properly liquidate the position.
