By Bitcoin News | Created at 2026-10-10 10:24:41 | Updated at 2026-10-10 12:18:29
4 hours ago
A Hyperliquid trader is sitting on a $32.36 million bitcoin short exactly one year after the 10/10 crash that erased over $19.1 billion in leveraged bets.
Key Takeaways
- A Hyperliquid whale holds a 391.48 BTC short worth $32.36M, opened near $82,863 with 13x cross leverage.
- Polymarket puts bitcoin’s odds of reaching $100,000 by Dec. 31, 2026, at just 27.5%.
- Coinglass data shows about $3.3B in shorts at risk if BTC climbs back to $85,000.
The Nitty Gritty Of The Matter
The position surfaced earlier today, with the account holding $7.19 million in equity and one open perpetual futures (perps) position, a short on BTC. This one is 391.48 BTC in size, valued at $32.36 million, with an average entry of $82,863.10.
The trader is using cross margin, meaning the entire account balance backs the bet, at 13x leverage. The liquidation price, the level at which the exchange would forcibly close the position, sits at $99,801.20. That is roughly 20% above where bitcoin trades today, which makes this a patient bet rather than a reckless one.
The wallet has also been busy, with Hyperbot logging 4,726 trades, a one-week perps profit of $952,154, and a maximum drawdown of 11.03%. At press time, the short was up about $75,532, and the funding column showed $64,249.75, the periodic fee that flows between longs and shorts to keep perps prices tethered to spot.
The Date Matters Here
On Oct. 10, 2025, crypto suffered its largest liquidation event on record, with many calling it bigger than LUNA, COVID and FTX. One market tracker tallied that bitcoin’s market cap has fallen from $2.43 trillion then to about $1.72 trillion now.
Bitcoin’s price tells the same story as the asset is currently changing hands near $82,754, about 34% below its $126,080 all-time high. The past week has been rough as Bitcoin.com News reported that BTC’s price dropped below $81K on Oct. 8 as liquidations topped $1.1 billion, before it bounced back to $83K a day later.
Lastly, earlier this week, Bitcoin.com News flagged two linked wallets carrying $1,58 billion in shorts, and the analysts tracking them noted the bets could offset positions held elsewhere. In any case, Hyperliquid’s BTC market carries about 38,040 BTC in open interest, so this whale controls roughly 1% of it. That is meaningful, but will not move the market alone.
The Crowd on the Other Side
A Coinglass liquidation map shared by Bitcoin Archive late Friday showed roughly $3.3 billion in shorts stacked between the current price and $85,000. If bitcoin rallies through that zone, forced buybacks could add fuel, which is exactly what bears do not want on a weekend with thin liquidity.
Bettors are not leaning bullish either, as Polymarket’s year-end price market gives bitcoin a 27.5% chance of touching $100,000 by Dec. 31. Institutional flows are mixed, with spot bitcoin exchange-traded funds (ETFs) taking in a modest $21.13 million on Oct. 9, led by Blackrock’s IBIT, after nearly $1 billion left over the prior two sessions.
