A whale who shorted XRP and several other cryptocurrencies recently got partially liquidated on Hyperliquid, according to data provided by analytics platform Onchain Lens.
The whale (who is known as @qwatio on the X social media platform) bet against Bitcoin and major altcoins with rather extreme leverage. The trader had the following short positions: BTC (40x), ETH (25x), SOL (20x) and XRP (20x).
XRP was the worst-performing short position for the whale. The token moved substantially above the entry price of $2.894, resulting in severe losses of more than $650,000. The entire position was worth roughly $18.6 million.
The whale also faced substantial losses with the Solana (SOL) token, which also moved sharply higher.
Whale's wild Hyperliquid journey
This trader is no stranger to temporary setbacks. In June, for instance, he was liquidated six times within just three days on the Hyperliquid platform, losing a total of $10 million.
In July, he accumulated more than $25 million in total losses after his massive short positions worth $334 million were wiped out. Earlier that month, his account went down from $16.3 million to just $67,000.
The whale initially gained prominence by opening insanely risky 50x BTC and ETH long positions in early March. Notably, he started depositing millions of USDC tokens into Hyperliquid right before the list of tokens that would allegedly be included in the U.S. strategic crypto reserve was revealed. Some assumed that there was some insider trading involved due to the suspicious timing of the extremely successful trades.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team