A prominent Bitcoin whale continues to hold a substantial short position on derivatives platform Hyperliquid, currently facing approximately $9.135 million in unrealized losses. The position represents a bearish bet totaling 1,135.02 BTC, with an underlying value reaching roughly $131 million.
The trader built this exposure through four separate Bitcoin short transactions initiated since March 2025, utilizing a $5.5 million USDC collateral deposit to maintain the leveraged position. Current market conditions have pushed the strategy into negative territory as Bitcoin trades above the whale’s entry levels.
The liquidation trigger for this sizable position is set at a Bitcoin price of $121,070. Market analysts monitor such large derivative positions closely, given their potential to trigger volatility upon liquidation events in response to significant price movements.