According to data provided by cryptocurrency analytics platform CoinGlass, a massive Bitcoin whale has increased his short position to an eye-popping $515 million on the Hyperliquid platform.
In fact, this is now believed to be the largest Bitcoin short ever.
As reported by U.Today, the whale opened a short position of $332 million with a 40x leverage last week, causing a significant stir.
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After facing a multi-million loss on Monday, the trader has made a stunning comeback. His current unrealized profit stands at $6.43 million.
Cryptocurrency market participants are now trying to hunt down the Hyperliquid whale and liquidate his position. The liquidation price currently stands at $85,557.
Meanwhile, the Bitcoin price has just dipped below the $83,000 level. Overall, $184 million worth of crypto has been liquidated over the past 24 hours, with short positions making up the majority of this sum ($94.19 million).