In this broad-based rally, the account that’s probably the most uncomfortable is his.

Hyperliquid address 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36. The account value is $106 million. Right now, all 14 positions are shorts: BTC, ETH, SOL, HYPE, ZEC—none left out. Total position size is $504 million, and the unrealized loss has already piled up to $86.15 million.

Both of the big one’s entries are bleeding. The ETH short is 77,500 units, the opening average price is 2337.9, and the current price is 2728. This trade is currently showing an unrealized loss of 31.13 million. The BTC short is 1,539 units, opened at 72,873.7, and near the current price around 85,000; it’s down a further 19.03 million. Today BTC is up 5.6% and ETH is up 5.7%—it’s like pouring salt on his wounds.

The cruelest part is the HYPE—his short position is floating at a loss of 20.35 million, with a return of -222%, and the principal is down by more than double.

But he never had a liquidation event. Throughout, he used 5x and 3x cross-margin leverage in the trades; the BTC liquidation price is set at 153,800, which is 80% higher than the current price. For ETH to reach 4,086, it also has to rise by nearly 50% more. In 54 days, he made 84 trades, and there were zero liquidation occurrences. This kind of holding-through can only end in two ways: wait for one deep pullback to recover some losses in one shot, or have the account slowly bleed out. With an account size of 106 million, the floating loss has already eaten up 80% of it.

Do you think he can hold on?

View live: https://www.coinboss.com/zh/hyperliquid-whale/0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36

#Hyperliquid #巨鲸 #做空 $BTC $ETH