A trader lost more than $46 million shorting HYPE on the Hyperliquid platform. The same whale has now turned bullish, backing HYPE, ZEC, and NEAR — tokens favored by BitMEX co-founder Arthur Hayes.
The $46 Million Short
The trader, known as a whale in crypto circles, placed a large short position on HYPE, the native token of Hyperliquid. The trade went badly. Losses exceeded $46 million, one of the biggest single-trader losses on the platform this year. Hyperliquid is a decentralized exchange that allows users to trade perpetual futures with leverage. The exact timing and liquidation details remain unclear, but the scale of the loss caught the attention of market watchers.
A Sudden Reversal
After the devastating short, the same whale changed course. On-chain data shows the trader now holds long positions in HYPE, as well as in Zcash (ZEC) and NEAR Protocol (NEAR). The shift from bearish to bullish happened quickly, suggesting a strategic pivot rather than a gradual adjustment. The trader's wallet activity shows fresh inflows into these three tokens.
The Tokens in Play
HYPE, ZEC, and NEAR are all assets that Arthur Hayes has publicly endorsed. Hayes, the former CEO of BitMEX, often discusses his portfolio on social media and in blog posts. His influence in the crypto market is well known, and traders sometimes follow his leads. Whether this whale is mirroring Hayes or independently arrived at the same picks is unknown. But the coincidence is notable.
What Comes Next
The whale's next moves are not yet public. The trader could add to the longs, hedge, or exit. Market participants are watching the wallet for any further activity. The reversal from a $46 million loss to a bullish stance raises questions about the trader's overall strategy — and whether the new bets will pay off.
