The so-called “obvious short” is still adding to its position—this is even more worth watching than BTC rising to 86k.
On Hyperliquid, apart from hedged positions, the largest BTC short position on the platform is tagged VBVIT. It holds 1,320.73 BTC short contracts, using 25x leverage, with an average opening price of $79,470. Based on Binance’s current price of $86,476, this BTC leg is already floating at a loss of more than $9 million—while total floating losses have broken $10 million.
At this point, it continues to add shorts against the trend. I don’t think it’s simply a case of being wrong on direction; it looks more like it’s betting on another fast pullback. But the 25x leverage leaves very little room for error.
So what you should watch isn’t when it finally gets the direction right, but whether it continues to top up margin. I think the more frequently it adds margin, the closer it gets to getting squeezed; if it runs out and stops supplying, then near the liquidation line is likely to be the most crowded spot for a short-term move.
Don’t rush to laugh at the shorts, and don’t chase longs either. This “openly displayed” short position—currently sitting on a floating loss of over ten million while still holding—feels more like an amplifier of volatility.
On Hyperliquid, apart from hedged positions, the largest BTC short position on the platform is tagged VBVIT. It holds 1,320.73 BTC short contracts, using 25x leverage, with an average opening price of $79,470. Based on Binance’s current price of $86,476, this BTC leg is already floating at a loss of more than $9 million—while total floating losses have broken $10 million.
At this point, it continues to add shorts against the trend. I don’t think it’s simply a case of being wrong on direction; it looks more like it’s betting on another fast pullback. But the 25x leverage leaves very little room for error.
So what you should watch isn’t when it finally gets the direction right, but whether it continues to top up margin. I think the more frequently it adds margin, the closer it gets to getting squeezed; if it runs out and stops supplying, then near the liquidation line is likely to be the most crowded spot for a short-term move.
Don’t rush to laugh at the shorts, and don’t chase longs either. This “openly displayed” short position—currently sitting on a floating loss of over ten million while still holding—feels more like an amplifier of volatility.