Trader Profits $4.4M Shorting Bitcoin Crash, Reopens $70M Positions

A newly created wallet deposited 6.68 million USDC into Hyperliquid and opened 20-times leveraged short positions against Bitcoin, Ethereum, and Solana during the crypto market downturn that began on June 22, according to blockchain analytics platform Lookonchain. The trader closed these positions on June 26 for a combined profit of $4.4 million, then immediately reopened fresh 20x leveraged short positions worth $70 million. The broader crypto market came under pressure on June 22 as risk appetite deteriorated, triggering a multiday decline that pushed Bitcoin below $60,000 and to its lowest level since September 2024 on June 25.

Trader Closes Initial Short Positions on June 26 for $4.4 Million Profit

The trader closed the initial short positions on June 26 for a combined profit of $4.4 million, according to Lookonchain. Hyperliquid trading records show the whale earned approximately $2.15 million on Bitcoin, $1.18 million on Ethereum, and $1.07 million on Solana shorts. During the same period, Ethereum and other major cryptocurrencies also posted steep losses as market sentiment deteriorated and liquidations surged across derivatives markets.

Trader Reopens $70 Million Short Positions Against Bitcoin and Ethereum

Data from Hyperliquid shows the wallet reopened fresh 20-times leveraged short positions worth $70 million. The new positions include a 912.9 BTC short worth $54.5 million and a 10,025 ETH short worth $15.6 million. The positions were opened at average prices of $59,136.80 for Bitcoin and $1,532.42 for Ether, according to data.

New Short Positions Show Unrealized Losses at Time of Writing

The new positions were slightly underwater at the time of writing, with unrealized losses of more than $560,700 on Bitcoin and $289,500 on Ether as prices moved above the trader's entry levels. At the time of writing, Bitcoin traded at $59,751, up about 0.7% from the trader's average short entry price, while Ethereum changed hands at $1,561, up roughly 1.9% from its entry level.

FAQ

What did the trader do on June 26? The trader closed initial 20x leveraged short positions against Bitcoin, Ethereum, and Solana on June 26 for a combined profit of $4.4 million, earning approximately $2.15 million on Bitcoin, $1.18 million on Ethereum, and $1.07 million on Solana shorts.

How much did the trader invest in new short positions? The trader reopened fresh 20-times leveraged short positions worth $70 million, including a 912.9 BTC short worth $54.5 million and a 10,025 ETH short worth $15.6 million, at average prices of $59,136.80 for Bitcoin and $1,532.42 for Ether.

What were the unrealized losses on the new positions at the time of writing? At the time of writing, the new positions showed unrealized losses of more than $560,700 on Bitcoin and $289,500 on Ether, as Bitcoin traded at $59,751 (up 0.7% from entry) and Ethereum at $1,561 (up 1.9% from entry).