According to COINOTAG on September 12 and HyperInsight analytics, wallet 0xa523 — labeled the “40x Short Whale” — increased its BTC short by 135.11 coins, taking the exposure to roughly $100.6 million with an unrealized loss near $2.585 million. The address is using 40x leverage with an average entry around $112,300; its current liquidation price is approximately $115,200, only about 1.4% above spot, materially elevating liquidation risk.
Over the last month the account has incurred a cumulative loss of about $43.4 million, surpassing losses attributed to Aguila Trades, qwatio and JamesWynn, and now ranks as the largest loss on Hyperliquid. Market participants and risk managers should note that concentrated short positions with minimal margin buffers increase the likelihood of rapid deleveraging, highlighting the need for continuous monitoring and strict margin controls.