Someone just made a very large, very confident bet that Bitcoin is going down. A new wallet deposited 2.44 million USDC onto Hyperliquid and opened a short position on 1,600 BTC at 40x leverage, according to data from hypurrscan.io.
To put the size in perspective: at 40x leverage, a roughly 2.5% move against this trader’s position would wipe out the entire margin. Depositing $2.44M at 40x means the trader is controlling a position sized at roughly $97.6M in notional Bitcoin exposure.
What 40x leverage actually means
Hyperliquid supports 40x leverage on Bitcoin perpetual futures, and the platform is built on its own Layer-1 blockchain. That architecture is what allows it to run a fully onchain order book while keeping gas fees near zero.
The wallet in question appears to have been newly funded specifically for this trade, consistent with how many large Hyperliquid positions are structured. No identity, entry price, or liquidation threshold has been disclosed beyond the raw transaction data.
