- The “Hyperliquid whale” closed its $520M Bitcoin short positions, making up to $9M in profit.
- On-chain investigator ZachXBT claims the whale was likely a cybercriminal using stolen funds.
- Bitcoin is stabilizing at $82,638 as traders recover from the whale’s high-stakes maneuvers.
A $520 million Bitcoin shorting whale, dubbed the “Hyperliquid whale,” has finally closed its positions, leaving traders stunned and investors anxious. The whale’s aggressive short strategy had the market on edge, and now, on-chain investigator ZachXBT suggests that stolen funds may have fueled the entire operation.
Did a Cybercriminal Just Cash Out Millions?
The Hyperliquid whale made waves on March 16 when it appeared on Hyperliquid, executing massive short positions against Bitcoin. BTC had been fighting to stay above $81K–$84K after dipping to $78K, and market sentiment remained shaky.
According to SpotOnChain, the so-called “50x leverage whale” closed all its short positions, walking away with over $4 million in just three days. But pseudonymous trader Cbb0fe and his group estimate that the whale’s actual profit was closer to $9 million.
Their reaction? “We lost the war, but it was the most fun we’ve had in a long time.”
ZachXBT, however, had a much sharper take. “It’s funny watching CT speculate on the ‘Hyperliquid whale’ when in reality, it’s just a cybercriminal gambling with stolen funds,” he posted on X.
Despite wild speculation, ZachXBT ruled out any links to North Korea’s infamous Lazarus Group. When asked to expose the culprit, he responded that posting detailed investigations on social media had “lost its fun.”
High-Stakes Trading: Hyperliquid Whale’s Market Impact
The whale had deposited 17.82 million USDC to Hyperliquid over three days, leveraging the funds 40x to short Bitcoin. The liquidation price? A razor-thin margin of $85,561—just 1.75% from entry.
But things took a dramatic turn. The whale reduced its BTC buy orders to just four, totaling around 557.67 Bitcoin ($35 million), with a buy-in target of $63,757. Sensing weakness, traders rallied together to push BTC higher, hoping to trigger liquidation. Bitcoin briefly jumped 2.5%, but the whale countered by adding funds, raising the liquidation threshold and staying in the game.
Now, with all positions closed, the whale has withdrawn 21.88 million USDC from Hyperliquid. The exit strategy? It spent over 6 million USDC to buy 3,202 Ethereum and another 3.28 million USDC to acquire 1,040 ETH.
Bitcoin Market Still in Recovery Mode
Bitcoin is still stabilizing after the chaos, currently trading at $82,638. The 24-hour trading volume has seen a slight uptick, reaching $25 billion. Meanwhile, Hyperliquid continues to be a hotspot for high-stakes plays—just last week, a trader lost $4 million on a $285 million ETH position, prompting the exchange to adjust its leverage limits.
With the Hyperliquid whale’s saga now wrapped up, the big question remains: Was this just another wild ride in crypto, or is there more to the story?
