This weekend, market watchers are fixated on a sizable whale on Hyperliquid who opened a $42 million long position on bitcoin using 40x leverage. It’s a high-wire act with no safety net, as a slip below $65,400 would trigger a full liquidation of the bet.
Leveraged Bitcoin Bet Under Pressure
To kick off March, a derivatives trader on the decentralized perps exchange Hyperliquid planted an outsized bet that bitcoin will climb from here.
“A massive whale just entered a $42M BTC long using 40x leverage,” one X account wrote on Sunday. “High risk. High conviction. The market is about to get interesting.” These takes were splashed across X feeds all morning.
Interestingly, when social media lit up about the whale, BTC was hovering near $67,000 per coin. Since then, bitcoin slipped under $66,000, triggering a partial liquidation of this individual’s position. Many figured the trader was wagering on a swift rebound after reports of the assassination of Iran’s Supreme Leader. The bitcoin price rebound, however, never arrived fast enough to save the trade.
Once the liquidation “dust” cleared on Sunday afternoon, the position had been slashed to roughly $16.9 million in total value. The account’s equity (net value) now sits near $463,729, a sign that most of the capital behind those multi-million-dollar trades has evaporated. In plain terms, this high roller’s BTC long has been a painful lesson in leverage.
The trader also placed a solana (SOL) wager and is sitting on a modest profit of about $71,238, which barely dents the losses tied to the BTC position. Even so, the account remains in a highly precarious spot. Because the trader is using Cross Margin, the entire remaining balance of $463,729 (logged at 2 p.m. EST) is serving as collateral for both the BTC and SOL trades at the same time.
The current liquidation price is $65,394. With BTC trading at $66,237, a slide of roughly 1.2% would trigger yet another liquidation.
FAQ 🔎
- What happened to the $42 million bitcoin long on Hyperliquid? The 40x leveraged bitcoin position on the decentralized perps exchange Hyperliquid was partially liquidated after BTC fell below $66,000.
- What is the current liquidation price for the Hyperliquid bitcoin whale? The trader’s latest liquidation level is $65,394, meaning a roughly 1.2% BTC drop from $66,237 (current BTC values at 2 p.m. EST) could trigger another wipeout.
- How much has the Hyperliquid trader lost so far? The original $42 million bitcoin position has been cut to about $16.9 million, with account equity near $463,729.
- Why is Cross Margin increasing the risk on Hyperliquid? Because Cross Margin uses the trader’s full remaining balance of $463,729 as collateral for both BTC and SOL trades, losses in one position can force liquidations across the account.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Depot was stolen of about 54 BTC, and on-chain investigations show the losses are higher than the official disclosure
On-chain detective ZachXBT revealed that Bitcoin ATM operator Bitcoin Depot discovered about 50.9 BTC were stolen on March 23. The investigation shows the incident actually occurred on March 20; after the funds were transferred out, it was not noticed until about three days later. Potential fund flows involving higher amounts have not yet been identified.
GateNews3m ago
Cango sells 2,000 BTC to repay debt, and a wave of miner liquidations accelerates, sweeping through the industry
Cango sold 2,000 bitcoins in March to repay a collateralized loan, reducing its holdings to 1,025.69 BTC, with debt of $30.6 million. This move is part of a comprehensive financial restructuring and strengthens the balance sheet through a $65 million equity investment and a $10 million convertible bond. Multiple miners in the industry are facing liquidation pressure, and are re-evaluating their strategies due to competition for AI resources, with expectations that by the end of 2026 AI revenue will account for 70% of miners’ revenue.
MarketWhisper25m ago
“Strategy” opposing order book: flattening and increasing BTC short positions by over $5.2 million; total open positions rise to $75.2 million
On April 9, Hyperinsight detected that address 0x94d3 increased its holdings by 81.06 BTC short positions. Its total position size is $75.2048 million, with an unrealized loss of approximately $1.8229 million, and it is currently the largest BTC short position on Hyperliquid. The address previously established a large BTC short position in reverse back in December of last year.
GateNews45m ago
In the past 24 hours, liquidations across the entire network totaled $232 million, with long liquidations accounting for over 60%.
Gate News, April 9, according to CoinAnk data, the total liquidation amount across the entire network over the past 24 hours reached $232 million. Of that, long liquidations totaled about $144 million, accounting for more than 60%; short liquidations totaled about $88.17 million. From the distribution by asset, the liquidation amount for Bitcoin was about $68.95 million, and the liquidation amount for Ethereum was about $35.32 million.
GateNews1h ago
Adam Back Denies Being Bitcoin Creator Satoshi Nakamoto After New York Times Investigation
British Bitcoin developer and Blockstream CEO Adam Back publicly denied on April 8, 2026 that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin, after a New York Times investigation by journalist John Carreyrou identified him as the strongest candidate to be the inventor of the digital currency.
CryptopulseElite1h ago
Bitcoin is hovering around the $700,000 level; if oil prices fall below $100 or push toward $80,000
Bitcoin has recently been trading in a high-level range. The price rebounded from $67,000 to $70,900, driven by a U.S.-Iran ceasefire agreement. Market analysis suggests that weakness in oil prices—or easing inflation pressure—may support Bitcoin’s upside. If it breaks above $72,500, it could trigger short liquidations and push the price up to $80,000. However, instability in the Middle East and a rebound in oil prices could act as a drag. Volatility in the energy market will be a key factor influencing Bitcoin’s direction.
GateNews1h ago
