Hyperliquid Trader's $1 Billion Bitcoin Bet Seesaws Amid Price Volatility
An investor with a $1 billion Bitcoin position on the decentralized exchange Hyperliquid experienced significant volatility, facing a $32 million drawdown. The wallet “0x507” fluctuated between profit and loss after increasing a 40x leveraged long position, with Bitcoin reaching a record price of $109,500. The average entry price for the position was $108,000, while Bitcoin was trading around $108,300, up 1.5% for the day. The liquidation price was approximately $103,800. At one point, the investor had a paper gain of $17 million, which turned into a temporary loss of $15.6 million as prices retraced. Overall, the user maintained an all-time profit of $59 million from 32 trades on Hyperliquid, having initially deposited $3 million in stablecoins. The user has also engaged in trading meme coins, earning millions from those activities.
