A crypto whale shorted a massive $420 million worth of Bitcoin on the decentralized exchange Hyperliquid.
This happened on October 6, 2025, shortly after Bitcoin reached a new high of $126,198, a trader opened a large short position using $80 million in USDC with six times leverage, according to Archam.
This whale is clearly betting on a huge price drop for Bitcoin in the days ahead. Just two days before the short, the same trader sold 3,000 BTC for about $363.87 million.
Therefore, selling spot BTC and then opening a massive short shows strong belief in a market crash. The whale also sent $50 million to the Binance exchange, likely to short more or to balance the risk.
After the trade became public, the price of Bitcoin quickly dropped below the $120,000 mark. It lost its daily high of $123,614. Currently, Bitcoin is trading near $121,025, and trading volume is high at $71.26 billion.
BTC Price action | Source: CoinMarketCap
Right now, the whale is already seeing a profit of about $660,000. Data from Hypurrscan shows the position’s liquidation price sits way up at $140,660 per BTC. This high liquidation point gives the whale a lot of room before their bet fails.
The crypto community is watching closely, unsure what to expect next. Some people think the whale might be very smart. Others think this short could teach the whale a lesson if the price keeps going up.
Importantly, this trade shows how much power large players have in the crypto market. It also highlights how big exchanges like Hyperliquid are now handling huge, high-leverage bets.
People are waiting to see Bitcoin’s next move in this major market standoff. The outcome will surely impact short-term market feelings.
Also Read: Bybit Secures UAE’s First Full Crypto License from SCA
