A whale on HyperLiquid, a popular decentralized perpetual exchange, has now deposited a total of $29 million to the platform in order to short Ethereum (ETH), Solana (SOL), and Bitcoin (BTC).
According to the data provided by Whale Alert, the whale upped the ante, depositing another $12 million.
The aforementioned coins are being shorted simultaneously with 3X leverage.
The total value of the massive position currently stands at a whopping $69 million.
Earlier today, the whale recorded a floating loss of over $3 million.
According to the live position dashboard provided by the platform, the trader has an unrealized loss of $1.5 million at press time. The Ethereum (ETH) short alone accounts for the vast majority of the loss ($1.2 million).
The position will get liquidated if Ethereum surges to $4,489. However, it has a cross-margin pool, meaning that the entire account will be affected if one asset sees a sudden price surge.
It is worth noting that the whale is earning funding through all of their shorts since most traders are currently long.
The audacious bet comes amid a massive Ethereum (ETH) price surge. The flagship altcoin is up by a whopping 35% over the past week alone, substantially outperforming Bitcoin (BTC) and major altcoins.
The sudden price surge has chipped away at the Bitcoin dominance, which is now on the cusp of dropping below 60% after surging to multi-year peaks earlier this month.
However, the altcoin has still significantly underperformed Bitcoin this year.
Vladislav Sopov