The two most profitable traders on Hyperliquid this month hold more than $1 billion in combined short positions. The larger account is short 22 assets at once and is still adding, even as it sits on a paper loss in its HYPE trade.
Hyperliquid's top trader, wallet 0x5b5d…c060, holds 22 open positions worth $617.5 million, according to block explorer Hypurrscan. The account is betting on falling prices through a short position in each market. A second account, 0xb83d, is short $439M, bringing the pair's exposure to about $1.06B.
Ether and bitcoin lead the book
Ether is the largest bet. The account is short about 97,460 ETH, worth $224.5 million, from an average entry of $2,322.72 at 5x leverage. Bitcoin comes next, with a short of about 2,320 BTC worth $182.1 million from an entry of $76,366, and that position is down about $4.95 million with BTC trading near $78,100.
Elsewhere, the book holds a $66.3 million SOL short, a $51.4 million ZEC short and a $19.5 million XRP short. The biggest problem is HYPE, Hyperliquid's own token: the trader is short about 488,375 HYPE from $71.16 and shows an unrealized loss of $8.34 million.
Still, the loss has not scared the account off. Fill data shows it opened more HYPE shorts worth about $700,000 between 04:08 and 04:40 UTC on Monday.
A track record behind the bet
Hyperliquid's public leaderboard ranks the account first for monthly profit, with about $99.1 million over 30 days. Its all-time profit is roughly $207.7 million on $5.93 billion in trading volume.
The No. 2 trader has made a similar bet. Its wallet holds 30 positions worth $439.4 million on about $105.1 million in equity, including 1,818 BTC worth $142.7 million and $84.7 million in ETH. Like the top account, it is losing on HYPE, down about $10.7 million on that trade.
Shorts against a resilient market
These shorts come as the market has held up better than many expected after the largest crypto hack on record. Capriole Investments founder Charles Edwards, who had turned bearish, admitted that he was "wrong" after bitcoin held $77,000 three days after the Binance theft.
The whales also face a crowded trading week, with U.S. midterm elections on Tuesday. Moderate leverage gives both accounts room to wait, since none of their main shorts are close to liquidation.
Source: Bitcoin News
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