Whale trader Hyperliquid address 0xa31 launched significant short positions totaling $57.5 million on ETH, DOGE, among others, on June 12.
This activity has caused realizations of both high profits and losses, highlighting the volatile nature of altcoin markets.
Whale Trader’s Aggressive Shorting Strategy Earns Millions
The whale address with a signature beginning 0xa31 engaged in aggressive shorting across a variety of cryptocurrencies including ETH, DOGE, PEPE, XRP, and HYPE starting June 12, 2025. This strategy resulted in 14 out of 16 short positions being profitable with total position sizes amassing $57.5 million. The heavy trading activity yielded high funding fees of $2.275 million over just three days.
DOGE and XRP short trades are showing the highest unrealized profits, reported at $2.48 million and $1.4 million respectively, while the HYPE token experienced substantial losses amounting to $3.21 million. This demonstrates the potential risks and rewards of such high-leverage trades in volatile markets.
Community and market sentiment have been notably active, with no specific declarations from Hyperliquid executives or key opinion leaders. However, on-chain analytics reflect increased scrutiny of such large-scale trades due to their potential to cause significant market shifts and liquidity strains.
Historical Context and Expert Analysis on Recent Trades
Did you know? In March 2025, a Hyperliquid trader took on an enormous $330 million short position, influencing both Bitcoin trends and overall market sentiment.
Ethereum (ETH) currently trades at $2,554.86 with a market cap of $308.43 billion, capturing 9.40% market dominance. The 24-hour trading volume is $24.67 billion, reflecting a 30.08% decrease. ETH’s price has seen a 2.15% rise over the past day and a 2.82% increase over the last 7 days, as reported by CoinMarketCap.
According to Coincu research, the large positions on Hyperliquid are indicative of heightened speculative strategies drawing both retail and institutional attention. This activity underlines potential pressures on liquidity and regulatory oversight in DeFi markets, attributing both monetary prospects and financial fragility in the ecosystem.
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