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Mysterious trader shorted $40 million against the market

2026-08-28 00:35:42
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The U.S. Treasury Department announced on August 19 that it would at least double the size of long-term bond repurchase. The resulting short squeeze triggered a rally in cryptocurrencies, but this rally has begun to cool down. Despite this, Bitcoin soared from about $65,000 to $80,000 during this period, and Ethereum also rose from below $2,000 to $2,500.

In this rally, Bitcoin and Ethereum hit highs of $81,160.06 and $2,558.47 respectively, and are currently trading at $79,741 and $2,502 respectively.

As the cryptocurrency market rebounded, online analytics platform Lookonchain revealed that a mysterious trader created a new wallet on August 26, deposited 5 million USDC's into Hyperliquid, and then opened short positions in 247.63 bitcoins and 8,155 Ethereum with a leverage of 20 times. Due to the anonymous nature of cryptocurrency exchanges, traders 'wallet addresses are public, but their identities are usually kept secret. Therefore, such traders are also called "mystery traders" and their identities are always unknown.

Hyperliquid is a decentralized cryptocurrency exchange that mainly provides trading of highly leveraged perpetual contracts. The platform allows traders to speculate on cryptocurrencies, commodities, stocks and private company valuations through the blockchain market.

According to data from online analytics platform Hypurrscan, the trader held short positions in Bitcoin worth US$19.73 million and short positions in Ethereum worth US$20.39 million. At the time of opening positions, Bitcoin and Ethereum were trading at US$78,029.40 and US$2,447.87 respectively. As these positions were short and the current prices of both cryptocurrencies were above entry points, the trader faced unrealized losses of more than $865,000.

Disclaimer:

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