A Hyperliquid trader known for a 92.5% win rate opened a 40x long on 911.55 BTC late on Sept. 10, and bitcoin now trades less than 1% above the price that would force-close the position. The bet followed a day when hotter-than-expected inflation data triggered $562 million in crypto liquidations.
A $70 million bet with little room to move
A wallet tagged 0x396d went long 911.55 BTC at an average entry of $77,733 late on Sept. 10. At 40x leverage, that margin controls roughly $70.08 million of exposure on Hyperliquid, a decentralized exchange built for perpetual futures.
At press time, bitcoin is changing hands near $77,150, down 1.59% since yesterday. That leaves little headroom for the trader during a month when BTC has swung sharply in both directions.
Why the leverage is so unforgiving
The trader posted roughly $1.75 million of collateral to control $70 million of bitcoin, so a 2.5% move against the position erases the collateral. That cascade dynamic is exactly what played out on Sept. 10, when hotter-than-expected U.S. producer price index data drove $562 million in liquidations across crypto markets and pushed bitcoin under $77,000. The trader opened this long into the aftermath of that flush.
Onchain tracker Lookonchain counted 80 recent bitcoin trades from the wallet, with 92.5% of them closing green — an extraordinary hit rate to say the least.
Hyperliquid's pattern of outsized bets
Hyperliquid has produced several similar object lessons this year. One trader rode a 26-win streak into a zcash short that went $5.27 million underwater with no free margin left to wait it out. Another whale carried a 40x bitcoin short and was wiped out for $20.3 million at $82,236, while a separate address reloaded a $121 million bitcoin short at 10x leverage.
What decides the outcome from here
Two factors matter most. First, bitcoin has to hold above $76,308.60, the price that force-closes the position. Second, the calendar carries a short list of scheduled macro dates left this month, including CPI readings and the Federal Open Market Committee decision — any of which can move the market more than 1% in minutes, as the Sept. 10 PPI print already showed.
The trader could still add margin to lower the liquidation price, or close the position early. But at an entry of $77,733 against a $77,073 spot price, he is currently underwater on the trade itself, which narrows the appeal of a graceful exit.
Source: Bitcoin News
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