Damn, 40x leverage—liquidation price is 68,821, only 10.8% away from the current price.
This guy really dares to play.
The address starting with 0x85e opened a long position of 73.5 BTC on Hyperliquid, position value $5.65M, average entry 77,503, using 40x leverage. Now BTC is quoted at 77,124, and he’s already sitting on an unrealized loss.
But instead of cutting out, he launched a TWAP buy order of $15.46M, planning to slowly buy a total of 200.5 BTC over 48.5 hours. As of now, the progress is only 5%, and the remaining 95% hasn’t been bought yet.
This isn’t opening a brand-new position; it’s adding more on top of an existing 40x high-leverage position.
What’s a TWAP? Time-weighted average price order—plain and simple, you don’t dump everything at once; you buy gradually over time to avoid slippage/impact costs and to prevent the market from realizing he’s accumulating.
But the problem is his position is already precarious. His liquidation price is 68,821—if BTC drops just about 10%, his $5.65M position is gone.
Even more vicious: if BTC retraces by 5% over the next two days, he’ll face a double hit.
On one hand, the unrealized loss on the 73.5 BTC long will widen, pushing him even closer to liquidation.
On the other hand, the portion of the TWAP that hasn’t filled yet continues to buy at an even higher average price—effectively averaging down on a losing position. But if his directional bet is wrong, averaging down just magnifies the loss. With 40x leverage, there’s no room for error. One small gust and he gets liquidated.
Since May, on Hyperliquid, these “40x long BTC” whale moves have been showing up frequently, ranging from a few million to tens of millions in size.
These people really have money—and they really are willing to gamble. They’ve used TWAP to build positions in batches multiple times, which suggests this isn’t impulsive trading but planned execution. Still, plans are plans, and the market is the market.
You can control your buying pace; you can’t control the BTC price.
On-chain data is transparent—everyone can see his liquidation price. Is there anyone in the market watching that level to short? Of course there is. Big players on Hyperliquid watch each other’s “cards.” You know my liquidation price; I know your liquidation point. This isn’t investing anymore—it’s game theory.
Some people might even intentionally dump a bit just above his liquidation level to force him out, then scoop up cheap chips.
This guy really dares to play.
The address starting with 0x85e opened a long position of 73.5 BTC on Hyperliquid, position value $5.65M, average entry 77,503, using 40x leverage. Now BTC is quoted at 77,124, and he’s already sitting on an unrealized loss.
But instead of cutting out, he launched a TWAP buy order of $15.46M, planning to slowly buy a total of 200.5 BTC over 48.5 hours. As of now, the progress is only 5%, and the remaining 95% hasn’t been bought yet.
This isn’t opening a brand-new position; it’s adding more on top of an existing 40x high-leverage position.
What’s a TWAP? Time-weighted average price order—plain and simple, you don’t dump everything at once; you buy gradually over time to avoid slippage/impact costs and to prevent the market from realizing he’s accumulating.
But the problem is his position is already precarious. His liquidation price is 68,821—if BTC drops just about 10%, his $5.65M position is gone.
Even more vicious: if BTC retraces by 5% over the next two days, he’ll face a double hit.
On one hand, the unrealized loss on the 73.5 BTC long will widen, pushing him even closer to liquidation.
On the other hand, the portion of the TWAP that hasn’t filled yet continues to buy at an even higher average price—effectively averaging down on a losing position. But if his directional bet is wrong, averaging down just magnifies the loss. With 40x leverage, there’s no room for error. One small gust and he gets liquidated.
Since May, on Hyperliquid, these “40x long BTC” whale moves have been showing up frequently, ranging from a few million to tens of millions in size.
These people really have money—and they really are willing to gamble. They’ve used TWAP to build positions in batches multiple times, which suggests this isn’t impulsive trading but planned execution. Still, plans are plans, and the market is the market.
You can control your buying pace; you can’t control the BTC price.
On-chain data is transparent—everyone can see his liquidation price. Is there anyone in the market watching that level to short? Of course there is. Big players on Hyperliquid watch each other’s “cards.” You know my liquidation price; I know your liquidation point. This isn’t investing anymore—it’s game theory.
Some people might even intentionally dump a bit just above his liquidation level to force him out, then scoop up cheap chips.
