A closely watched crypto whale who sold 255 BTC to open short positions on Bitcoin and Ethereum through Hyperliquid is now expanding those bets, with unrealized profits on the combined trade exceeding $2 million.
The whale is actively increasing short exposure on both BTC and ETH rather than closing out the profitable position. The trades are being executed on Hyperliquid, an on-chain perpetuals DEX where positions are publicly trackable, giving market watchers real-time visibility into the strategy.
The combined BTC and ETH short now carries more than $2 million in unrealized gains. The decision to add to the position rather than take profit signals that the trader expects further downside in both assets.
The 255 BTC Sale That Launched a $77.4M Short
The whale first drew attention by liquidating 255 BTC to fund the opening of short positions on both Bitcoin and Ethereum. The original trade, placed as BTC slid below $87,000, totaled approximately $77.4 million across both assets.
The size of the initial position, combined with the deliberate sell-to-short strategy, made this wallet one of the most tracked addresses on Hyperliquid. On-chain analytics accounts including Lookonchain flagged the wallet after the 255 BTC sale, and the trader's subsequent moves have been closely monitored across crypto social channels.
Because Hyperliquid is a decentralized exchange, every position adjustment, liquidation level, and profit figure is visible on-chain. This transparency is what separates whale tracking on DEX platforms from centralized exchange activity, where large positions remain hidden from public view.
A Directional Trader, Not a One-Way Bear
What makes this whale's growing short position particularly notable is the trader's history of playing both sides of the market. The same wallet previously held large long positions, including approximately $204.6 million in ETH, $87 million in BTC, and $69 million in SOL, according to blockchain data.
That track record of switching between long and short positions based on market conditions is why the current expansion of the short carries weight. This is not a perpetual bear grinding against the trend; it is an active, directional trader who has demonstrated the ability to flip conviction when conditions change.
The choice to increase a winning short rather than book the $2 million-plus gain suggests the whale sees additional room for BTC and ETH to fall. The inclusion of ETH alongside BTC in the short thesis points to a broad bearish read on crypto markets rather than a Bitcoin-specific concern.
For traders watching this position as a directional signal, the key question is what would invalidate the thesis. A sustained Bitcoin reclaim above the level where the short was initiated, near $87,000, would begin to pressure the trade. Until then, the whale's willingness to add size to a profitable short remains one of the more visible bearish bets in on-chain derivatives markets.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.