The cryptocurrency platform Hyperliquid has recorded one of the largest liquidations in the world of crypto derivatives: the long position of renowned trader Garrett Bullish was forcibly closed for over $700 million. This event occurred against the backdrop of a sharp decline in the price of Bitcoin, which triggered massive liquidations in the market.
This is reported by Business • Media
Significant Losses for Trader Garrett Bullish
Garrett Bullish, previously regarded as one of the most successful participants on Hyperliquid, lost $270 million in just two weeks. His historical profit of $142 million turned into a gigantic loss. As of now, the total profit and loss (PnL) for the account stands at -$128 million. It was this large position that was liquidated for a record amount of over $700 million.
“Previously, this account became known in October under the nickname ‘whale 1011’, when, according to market discussions, it earned significant funds from political insights — a story that the trading community describes as ‘easy come, easy go’.
Record Volatility and Scale of Liquidations
Significant losses on Hyperliquid coincided with sharp market volatility: on January 31, 2026, the price of Bitcoin fell below $76,000 — the first time since April 2025, after which it recovered above $78,000 within a few hours. Such a sharp movement triggered mass liquidations in the crypto futures market totaling $2.58 billion.
According to CoinGlass, the decentralized platform Hyperliquid led in liquidation volumes (over $1 billion), followed by Bybit (almost $554 million) and Binance (more than $254 million).
It is worth noting that these events unfold against the backdrop of recent statements from Hyperliquid’s management. The platform’s founder, Jeff Yan, emphasized that Hyperliquid has become the most liquid venue in the world for price discovery of cryptocurrencies, and the open interest in HIP-3 has reached a record $790 million.