The 263 ETH withdrawn from Tornado Cash were still being used to hold a 40x short position worth $25 million in BTC on Hyperliquid as of this morning 🧐
Liquidation price: $84,088—just 1.8% above the current price.
📍 Fund flow (first reported by Lookonchain and Ember)
1️⃣ A wallet received 263 ETH from Tornado Cash
2️⃣ Sold it for 643,000 USDC and deposited the funds into Hyperliquid
3️⃣ Used 40x cross margin to short 305.5 BTC at $83,068, for a position worth about $25.38 million
When Ember reported it, the short was up about $160,000.
📊 A few figures to put things in perspective
· 643,000 in capital is backing a $25.38 million position. If BTC rises about 1.2% from the entry price, it hits the liquidation price
· After the position was opened, Binance spot briefly reached $83,305—only about $780 below the liquidation price
· BTC is now around $82,600, about 1.8% below the liquidation price
As for who owns the funds, on-chain analysts say it may be a hacker, though it’s unclear which incident the funds came from.
🤔 Two ways to read this
Bears might say: Whoever is behind this is confident enough in a decline to risk 40x leverage with funds from a mixer.
Bulls might say: The liquidation price is out in the open. If BTC touches $84,000, it could trigger a forced buy order for about 305 BTC (a short liquidation means the position is forcibly bought back).
I’d rather treat this as a publicly visible price marker. Will someone deliberately target this level around $84,000? The position changes in this address over the next few days should tell us.
If you don’t have much capital, don’t blindly follow on-chain whales—especially addresses with unknown funding sources and maximum leverage. They may be losing money of questionable origin; you’d be losing your own principal.
Which way do you bet this $84,000 level goes: does it get breached first, or does this short take profit and exit first?
The above is solely my personal opinion and does not constitute investment advice. DYOR.
#BitcoinReboundsTo$83K #BTC #Hyperliquid #OnChainData
Liquidation price: $84,088—just 1.8% above the current price.
📍 Fund flow (first reported by Lookonchain and Ember)
1️⃣ A wallet received 263 ETH from Tornado Cash
2️⃣ Sold it for 643,000 USDC and deposited the funds into Hyperliquid
3️⃣ Used 40x cross margin to short 305.5 BTC at $83,068, for a position worth about $25.38 million
When Ember reported it, the short was up about $160,000.
📊 A few figures to put things in perspective
· 643,000 in capital is backing a $25.38 million position. If BTC rises about 1.2% from the entry price, it hits the liquidation price
· After the position was opened, Binance spot briefly reached $83,305—only about $780 below the liquidation price
· BTC is now around $82,600, about 1.8% below the liquidation price
As for who owns the funds, on-chain analysts say it may be a hacker, though it’s unclear which incident the funds came from.
🤔 Two ways to read this
Bears might say: Whoever is behind this is confident enough in a decline to risk 40x leverage with funds from a mixer.
Bulls might say: The liquidation price is out in the open. If BTC touches $84,000, it could trigger a forced buy order for about 305 BTC (a short liquidation means the position is forcibly bought back).
I’d rather treat this as a publicly visible price marker. Will someone deliberately target this level around $84,000? The position changes in this address over the next few days should tell us.
If you don’t have much capital, don’t blindly follow on-chain whales—especially addresses with unknown funding sources and maximum leverage. They may be losing money of questionable origin; you’d be losing your own principal.
Which way do you bet this $84,000 level goes: does it get breached first, or does this short take profit and exit first?
The above is solely my personal opinion and does not constitute investment advice. DYOR.
#BitcoinReboundsTo$83K #BTC #Hyperliquid #OnChainData