Wallet opens $48M 20x shorts on BTC, SOL and ETH

A newly created wallet deposited 6.68 million USDC into the derivatives platform Hyperliquid and opened 20x leveraged perpetual short positions worth about $48 million against Bitcoin, Solana and Ethereum. Onchain trackers flagged the address as 0xaeaa and recorded holdings of 430.64 BTC, 181,245 SOL and 4,280 ETH.

The positions are split roughly as $27.46 million in Bitcoin, $13.24 million in Solana and $7.37 million in Ether. The trades use perpetual futures contracts and 20x leverage, so each 1% move in the underlying asset changes the position value by about 20%. These contracts use USDC as collateral and do not have a set expiry date.

At the time the shorts were opened, Bitcoin traded near $63,800. Short positions profit if prices fall; if prices rise, the leveraged positions face automatic liquidation under the exchange’s margin rules. A rapid rebound in any of the three assets would put immediate pressure on the positions.

On Hyperliquid, large, high-leverage bets have previously produced large near-term losses for traders. Recent examples on the platform include a 40x Bitcoin short that faced a potential $20.3 million wipeout and other multi-million-dollar shorts that reversed as opposing traders accumulated positions. Forced liquidations from large leveraged positions can magnify price moves in the market.

Onchain trackers continue to monitor address 0xaeaa to see whether the wallet adds collateral, increases the shorts, or exits. The positions’ performance will depend on short-term price action in Bitcoin, Solana and Ethereum.