Hyperliquid Whale’s $53 Million Bitcoin Short Draws Market Attention

Hyperliquid is a decentralized trading platform focused on perpetual futures, and HYPE is its native token. HYPE rose as much as 134% in 2026, while a US spot HYPE ETF launched on May 12 attracted $58.73 million. The price rally forced short sellers to cover, putting the highly leveraged whale in focus as traders watched for a short squeeze and broader market risks.

On May 21, the whale used 5x leverage to short 1.8 million HYPE, building a position worth $102.98 million. As the token rose to $57.30, the position’s unrealized loss reached $22.18 million. On June 2, loracle.hl ultimately closed the short, realizing a $46.46 million loss and more than $54,000 in funding fees, before reversing course with a $5.98 million long position at 2x leverage.

Hyperliquid is a decentralized perpetual futures platform that allows traders to use leverage to amplify Bitcoin and Ether positions. Both profits and liquidation risks rise when prices move sharply. A single wallet’s nearly $200 million long position has therefore become a notable indicator of large investors’ risk appetite and expectations for a breakout, though it does not guarantee that prices will rise.

CoinDesk reported on March 10, 2026, that Bitcoin had climbed from about $65,000 on Sunday night to roughly $71,000 on Tuesday. One Hyperliquid trader held BTC and ETH long positions worth a combined $194 million, with about $6.5 million in unrealized profit. Another account held $103 million in long positions, while the market was also betting that BTC would break above $75,000.