Bitcoin Short Cascade Leaves ‘Calm Long King’ with $18M+ Losses Across Five Liquidations and Margin Drain on Hyperliquid

According to Coinbob Hot Address Monitoring via COINOTAG News (Nov 28), the trader known as Calm Long King closed all ZEC and MON long bets in the last hour, locking in about $320,000 in losses. He opened a new hedge: a 40x BTC short worth $2.11 million and a 10x ZEC short near $13,000, with minor unrealized drawdowns.

Since the downturn on the 20th, the position has endured five rounds of large liquidations, with losses topping $18 million. To defend exposure, he added roughly $7.7 million in margin to Hyperliquid, leaving the account balance under $50,000.

Earlier on November 11, the account carried an unrealized profit near $10 million that was not realized before the downturn; the November 21 drop triggered liquidation losses over $12 million.

From September, the trader started with $3 million, with reports of a rapid run-up before recent errors trimmed most gains, underscoring elevated risk in leveraged margin trading.