An anonymous trader has deepened an already massive bearish bet against Bitcoin, with on-chain data from Lookonchain showing the wallet address 0xff84 now holds a 2,000 BTC short position worth approximately $125.37 million on the decentralized perpetuals exchange Hyperliquid. The position uses 40x leverage and has an average entry price of $63,581.50, leaving a liquidation price at $63,528.92.
At current prices, the short is showing an unrealized profit of about $1.79 million, making it the largest on-chain Bitcoin short tracked by Lookonchain. The setup is extremely risky: with 40x leverage, a move of roughly 2.5% against the position would trigger liquidation. The trader’s liquidation level sits just above the entry price, underscoring how tight the margin is.
The position has emerged as Bitcoin failed to hold its recent push. After another rejection near $65,000, BTC slid below $63,000, putting bears in control despite earlier positive U.S. CPI and PPI data. CryptoQuant analysts attributed the lack of upside to a negative Coinbase Premium for three straight months, weaker spot Bitcoin ETF inflows, and insufficient spot trading volume across centralized exchanges.
While the whale’s stance signals a bearish outlook, it could also create fuel for a short squeeze if Bitcoin reverses higher. Hyperliquid’s on-chain transparency allows the market to watch the position in real time, and traders may view it as a notable but rapidly changing data point.
