A well-known crypto investor has maintained an open losing short position of over 2000 bitcoins for nearly five months, despite several opportunities to close it profitably. During this time, the trader was forced to top up their account on the Hyperliquid platform twice to avoid liquidation of the position.
This is reported by Business • Media
The Story of a Short Position: The Investor’s Actions
The investor opened a short position on BTC at a price of $111,386, using 20x leverage. During the market surge on October 2, when the held position reached 2041 BTC (equivalent to approximately $241.8 million), the trader was compelled to deposit $12 million in USDC stablecoins on Hyperliquid to avoid liquidation. As a result, the liquidation price was lowered to $123,410.
However, the market situation remained tense, and losses on this position subsequently exceeded $27 million. To keep the position open, the investor further topped up the account by another $15 million. This allowed the liquidation price to be raised to $130,700.
Market Fluctuations and the Trader’s Decision
On the night of October 11, when a sharp market decline occurred, the trader managed to balance the account and even realize potential profits. Nevertheless, they decided not to close the position entirely, continuing to hold a significant amount of BTC in the short. After the market recovered, losses increased again, surpassing $4.8 million. The current liquidation price is approximately $123,263.
“The market crash gave whale 0x5D2F — who had held a losing $BTC short for nearly 5 months — a chance to break even, turning a $27M loss into a profit. But they did not close the position completely. With the market recovery, they lost over $4.8M again! Liquidation price: $123,263…”
It was previously reported that this crypto whale, after realizing a profit of $150 million on Hyperliquid, opened a new short position worth $160 million.