A pseudonymous onchain trader known only as Evaded closed all long positions in HYPE, ZEC, and ETH this week, pocketing a combined $4.6 million in profit. Minutes later, Evaded opened a 990-bitcoin short on Hyperliquid worth $74.84 million. The rapid flip from long to short caught the eye of onchain monitors and highlights the high-stakes bets flying around decentralized derivatives.
The Trade Sequence
Evaded first unwound three long positions. The exact entry and exit prices aren’t public, but the total realized gain came to $4.6 million. Immediately after the close, the trader deployed that capital — plus more — into a single short position on Bitcoin. The new short is 990 BTC, a sizable bet that Bitcoin’s price will drop.
A $75 Million Bet Against Bitcoin
At current prices, that short is worth $74.84 million. It’s one of the larger single positions seen on Hyperliquid in recent weeks. If Bitcoin rallies, Evaded risks a margin call or liquidation. If it drops, the payout could dwarf the $4.6 million already taken home.
The Trader Behind the Wallet
Nothing is known about Evaded’s real identity. The wallet is pseudonymous, and the trader hasn’t posted about the move on social channels. Onchain sleuths are watching the address for follow-up activity — a partial close, a hedge, or a full liquidation.
Hyperliquid’s Growing Role
Hyperliquid is a decentralized perpetual exchange that lets traders open large positions with leverage. The platform has seen a surge in whale-sized trades this month. Evaded’s short adds to that trend, but also raises questions about liquidity and counterparty risk if the position moves sharply against the trader.
The market will now watch whether Evaded’s short pays off or gets wiped out. The trader’s next move — if any — remains known only to the wallet.
