Hyperliquid Whale Opens $59.1M Bitcoin Short at $123K

A top trader by PnL on Hyperliquid just went short $34.99K of $BTC at $123,120.00

This user's current position is short $59.1M of $BTC at an average price of $123,724.10.

This user would be liquidated at $243,819.73

— Whale Watch Perps (@whalewatchperps) October 5, 2025

A trader on Hyperliquid, a decentralized perpetual futures exchange, took out a $34,990 short on Bitcoin at 123,120, to an existing 59.1 million short with a moving average of 123,724.10. BTC at 243,819.73 is the point at which the trader liquidated meaning they have leveraged greater than 100x.

Hyperliquid Status

In mid-2024 Hyperliquid introduced providing sub-second finality of transactions, low charges (0.01%), and publicly accessible on-chain information. Thereby enabling whale-watchers to monitor large positions in real-time.

Bitcoin is currently trading around the 123,120, which is near the 2025 price of 130,472. The gigantic bet of the trader gives a bearish expectation, probably hoping that the cryptocurrency will undergo a price correction given the high volatility of the asset, with an average of 28% in a span of 30 days with an average of 3-5 swings per day.

HYPE Trading

This trader involved in wider high-leverage trading on Hyperliquid. This has more than 300,000 active users and a total value locked of over 1.2 billion dollars. The design is also appealing to risk-takers traders that focus on short-term fluctuations in the price of BTC and other leading crypto-currencies.

According to analysts, a rally above the liquidation price would cause the position to close; a move that would cost millions of dollars. The opposite holds true; a fall in the Bitcoin may also bring great profits. Which is why leveraged trading is characterized as highly risky and highly rewarding. This Hyperliquid short of up to $59.1 million is representative of the unstable, risky nature of decentralized crypto derivatives.