Evaded banks $4.6M, shorts 990 BTC on Hyperliquid

Pseudonymous onchain trader Evaded closed long positions in HYPE, ZEC and ETH for a combined $4.6 million profit and immediately opened a 990-BTC short on the Hyperliquid derivatives platform. The short was valued at about $74.84 million at entry and showed roughly $783,000 in unrealized profit when it was flagged.

HYPE is the native token of the Hyperliquid platform and ZEC is the ticker for privacy-focused cryptocurrency Zcash. Onchain records show Evaded realized about $7.5 million in gains across HYPE and ZEC within a 96-hour period earlier in the week.

The short position consisted of 990 bitcoins, entered on Hyperliquid and valued at approximately $74.84 million at the time of execution.

At the time of the trades, bitcoin traded below $75,000. One session produced about $209 million in long liquidations. U.S. spot bitcoin exchange-traded funds recorded six consecutive days of net outflows totaling more than $1.26 billion, and open interest in bitcoin futures declined by roughly $1.5 billion over a similar stretch.

Hyperliquid experienced elevated volatility during HYPE’s recent rally, including earlier liquidations of short positions as the token approached prior highs.

Market participants are watching U.S. monetary policy and incoming macroeconomic data for developments that could influence crypto prices.