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7h ago

Whale Builds $140 Million Leveraged Shorts on Bitcoin and XRP After $7 Million Deposit

The 20x positions on Hyperliquid convert a single USDC funding into outsized short exposure that is already showing gains on modest price moves.

Photo: Saroj Bhandari

Overview

  • A fresh Hyperliquid wallet funded with $7 million in USDC opened 20x short positions on Bitcoin and XRP, creating roughly $140 million in notional exposure.
  • The trader’s average entries were $102,978 for Bitcoin and $2.30 for XRP, according to on-chain explorer HypurrScan.
  • Within hours, the wallet showed about $3.1 million in unrealized profit as Bitcoin slipped less than 2% and XRP fell nearly 4%.
  • Decrypt reports the USDC came from an Arbitrum wallet that redeemed from a zero address, limiting traceability of the funds’ origins.
  • The move lands during a turn toward risk-off sentiment, with the fear and greed index at a six-month low and Galaxy cutting its year-end Bitcoin target to $120,000.