Bitcoin Holds Above Key Support Level
Bitcoin has remained relatively stable since Tuesday, hovering above its 200-day moving average near $84,000. After a turbulent week, the leading cryptocurrency is trying to maintain upward momentum.
Despite the price holding steady, one crypto whale on Hyperliquid has made waves with a massive leveraged short on Bitcoin. The high-risk position has sparked debate among traders and triggered a rare community effort to challenge it.
Whale Places $445M Short Against Bitcoin
A large trader recently opened a Bitcoin short position worth over $445 million on Hyperliquid. The position uses 40x leverage, with a liquidation price set at $86,000. Data from Lookonchain and Hyperliquid confirms the trade, which is now under close scrutiny from the crypto community.
As of the latest update, the whale’s position had earned an unrealized profit of $1.3 million. The trade shows extreme confidence in a Bitcoin price correction—or an equally extreme appetite for risk.
Traders Attempt Coordinated Bullish Counterattack
The massive Bitcoin short prompted an unusual reaction from retail and institutional traders. A pseudonymous trader known as CBB rallied support on X to drive BTC prices higher and trigger a short squeeze.
Within one hour of the call to action, Bitcoin spiked to $84,690. The whale was forced to deposit $5 million in USDC to bolster margin and avoid liquidation. However, the coordinated effort eventually fell short, and the whale’s position remains open.
Melania Trump-Linked Token Sees Whale Interest
In a twist, the same trader betting against Bitcoin is simultaneously going long on the MELANIA token. This memecoin is reportedly affiliated with Melania Trump via Florida-based MKT World LLC.
The whale opened a 5x leveraged long position on MELANIA perpetual futures, anticipating further upside. The trade suggests a high-conviction bet on the token’s potential, possibly tied to political narratives or retail hype.
Hyperliquid Platform Gains Visibility
Hyperliquid, a decentralized perpetual futures exchange, has capitalized on the drama. The platform posted on X, praising the transparency enabled by on-chain trading.
“When a whale shorts $450M+ BTC and wants a public audience, it’s only possible on Hyperliquid,” the platform wrote. “Just like no one can question a Bitcoin balance, no one can question a Hyperliquid position.”
The platform was in the spotlight last week as well, when another whale performed a “liquidation arbitrage” that caused margin shortages and transferred risk to Hyperliquid’s vault.
Bitcoin Traders Eye Next Move
For now, Bitcoin remains stable near $84,000, but the whale’s short bet and the resulting price action have added tension. Analysts say Bitcoin could continue consolidating as macroeconomic factors—like tariffs, interest rates, and inflation—shape sentiment.
A break above the whale’s liquidation level could trigger a short squeeze, pushing Bitcoin above $86,000. However, a downside breach might validate the whale’s bearish thesis and send Bitcoin into a deeper pullback.
What This Means for the Bitcoin Market
Massive leveraged positions like this one highlight both the risk and opportunity in the crypto market. While Bitcoin is often seen as a long-term store of value, short-term trading behavior continues to drive volatility.
As platforms like Hyperliquid grow, on-chain transparency could help reshape how traders engage with derivatives markets. Whether bullish or bearish, Bitcoin remains at the center of crypto innovation—and speculation.