A crypto whale using the address "0xc278" was fully liquidated on the Hyperliquid decentralized derivatives platform after a large leveraged bet on Brent Crude Oil turned sour. The total position size reached approximately $21.37 million, but a decline in oil prices wiped out the entire trade, resulting in a loss of around $1 million for the trader. The liquidation occurred rapidly, highlighting the risks of leveraged trading in volatile markets.
Simultaneously, a separate Hyperliquid whale, linked to address 0x94d373…c933814, has placed a massive $80 million bet anticipating a market crash. This complex position, built between Tuesday and Wednesday, includes a $40 million short on Bitcoin futures near $68,760, a $2 million short on synthetic S&P 500 Index contracts, and a $37 million long on synthetic Brent oil contracts. The aggregate leverage for this position stands at 7x, with a Bitcoin futures liquidation price of $80,083.
The timing of the bearish bet is curious, as markets showed strength on Wednesday with Bitcoin bouncing from a $66,000 low. This recovery was partly fueled by optimism after former President Donald Trump teased a potential ceasefire in the US and Israel-Iran conflict. The whale appears to be counter-trading this optimistic sentiment, betting that Brent crude oil prices will surge while Bitcoin declines.
This particular whale has a history of significant losses. The same address reportedly lost $37 million in its first month of activity in December 2025 and was flagged in early February after a leveraged bullish bet on Ether (ETH), Bitcoin, Solana (SOL), and XRP resulted in a $40 million loss. This track record raises questions about the whale's market timing and whether the current $80 million position will also fall on the wrong side.
The event involving the first whale underscores the unforgiving nature of leveraged markets, especially during periods of high volatility driven by geopolitical tensions. It serves as a stark reminder of the importance of proper position sizing and disciplined risk management, even for large-scale traders.
