The high-lipid whales have become a virus to launch short positions with about $450 million worth of Bitcoin. There is currently an active “man hunt” to stop the assailant on that truck.
According to data from Hypurrscan, at 6:30am on March 17, the whales closed two positions at a time-weighted average price of 208 BTC (BTC) or TWAP at a price of $83,392. The total value of both transactions equals more than $18 million.
At UTC at 4:30am, the anonymous trader added $7.5 million in collateral for a short Bitcoin position, preventing it from being liquidated by a high lipid margin. On-chain data shows traders have accumulated unrealized profits and losses or nearly $1.1 million from PNL.
At the moment, the trader's current position is 5,167 BTC and is worth around $429 million. The short position is 40x leverage, with unrealized profits of $4 million. At the same time, the trader has a long position with a leverage of 571,715 Melania (Melania) of $390,000, with five times the leverage.
The Whale first began a huge short position on Bitcoin on March 16th. At the time, X's crypto traders detected suspicious activity in whales using their username @CBB0FE or CBB, asking other traders to join in to settle the whale's location before other traders cause harm to the ecosystem.
“If you're willing to hunt this guy by size, drop a DM, set up a team now and already have a good size,” CBB posts.
In another post, CBB instructed traders to send a message in “only the size of seven figs” as the team's total funds were already exceeding eight figures.
An hour after the team was formed, they were able to raise the market price of Bitcoin from $83,183 to over $84,690. As a result, the whales were forced to deposit $5 million in USDC (USDC) to increase their margins and avoid liquidation.
However, Manhunt has not yet been successful as the whales continue to avoid liquidation by increasing their position to short BTC in TWAP.
The official Hyperliquid account recently also commented on its activities in the chain of viral bear traders, explaining that the protocol has become synonymous with “markets” as it has attracted a lot of attention from the crypto community.
“When whale shorts are $450 million + BTC and want the public viewer, that's only possible with high lipids,” the account writes.
Earlier this month, on March 12, the whales began their high lipid long position with 50x leverage at 175,000 ETH (ETH), worth $340 million. Due to the high amount of liquidation, high lipids were forced to absorb a $1,915 position for liquidation. As a result, Hyperliquid lost over $4 million.
