Bitcoin Short Position Surges to $17.865M on Hyperliquid Amid Smart Wallet’s 40x Leverage Move

On July 12, on-chain analytics revealed a notable smart wallet initiating a 40x leveraged Bitcoin short position on Hyperliquid, valued at approximately $17.865 million. The average entry price for this position stands at $117,700, underscoring a significant bet against Bitcoin’s price movement. This wallet also maintains substantial short exposure across other major cryptocurrencies, including a 25x Ethereum short position valued at $15.34 million on the same platform. Cumulatively, the address has realized a total profit of $34.25 million from its trading activities. However, recent market volatility has led to a $4.2 million loss over the last week, reflecting the inherent risks associated with high-leverage short positions in the crypto market. These figures highlight the dynamic nature of leveraged trading strategies within the decentralized finance ecosystem.