A short position of 78,000 ETH, entered at an average price of $2,340, is now sitting on more than $30 million in unrealized losses.
This whale on Hyperliquid (0xb83d…6e36) is holding a short position with a notional value of $213 million. The rally on September 17 pinned him to the wall. His liquidation price is $4,291, so he hasn’t been liquidated yet—but every uptick in ETH is costing him.
The broader market is hurting even more: over the past 24 hours, $138 million in positions were liquidated across the market, including $113 million in shorts. Short sellers are lining up to pay their dues.
What’s going on? Retail traders like buying the dip against the trend, while whales like betting on tops against the trend. That suggests this rally has been far more “unexpected” than anticipated. ETH’s 4-hour chart surged from around $2,300 in mid-September to above $2,800 (arrow), and the sideways stretch in early October (box) gave bears no room to catch their breath. In the short term, stubborn shorts are fuel for the rally: the $4,291 liquidation price is still far above, but if ETH gets close, it could trigger a cascade of short squeezes. The risk lies in the other direction: if momentum fades and the squeeze ends, a pullback could come quickly. Chasing longs or betting on a drop with shorts means wagering against momentum. If you’re not confident, it may be best to sit this one out.
Do you think this 78,000-ETH short position will make it to the liquidation price?
Data as of: 2026-10-05 17:00 UTC
Sources: PANews; ChainCatcher (Coinglass data)
#ETHShortLiquidations
$ETH
For informational purposes only; not investment advice.
This whale on Hyperliquid (0xb83d…6e36) is holding a short position with a notional value of $213 million. The rally on September 17 pinned him to the wall. His liquidation price is $4,291, so he hasn’t been liquidated yet—but every uptick in ETH is costing him.
The broader market is hurting even more: over the past 24 hours, $138 million in positions were liquidated across the market, including $113 million in shorts. Short sellers are lining up to pay their dues.
What’s going on? Retail traders like buying the dip against the trend, while whales like betting on tops against the trend. That suggests this rally has been far more “unexpected” than anticipated. ETH’s 4-hour chart surged from around $2,300 in mid-September to above $2,800 (arrow), and the sideways stretch in early October (box) gave bears no room to catch their breath. In the short term, stubborn shorts are fuel for the rally: the $4,291 liquidation price is still far above, but if ETH gets close, it could trigger a cascade of short squeezes. The risk lies in the other direction: if momentum fades and the squeeze ends, a pullback could come quickly. Chasing longs or betting on a drop with shorts means wagering against momentum. If you’re not confident, it may be best to sit this one out.
Do you think this 78,000-ETH short position will make it to the liquidation price?
Data as of: 2026-10-05 17:00 UTC
Sources: PANews; ChainCatcher (Coinglass data)
#ETHShortLiquidations
$ETH
For informational purposes only; not investment advice.
