A Bitcoin OG who previously sold Bitcoin to stack ETH deposited $40 million in USDC into Hyperliquid, a decentralized perpetuals exchange, today to boost his Bitcoin short position.

The whale recently expanded his short positions on BTC and ETH, generating profits exceeding $160 million following a rapid market drop.

Large traders have been depositing stablecoins like USDC into Hyperliquid to adjust positions and avoid liquidations during market rebounds, reflecting adaptive trading strategies in volatile conditions.

Hyperliquid continues to attract whales for leveraged plays on BTC, with recent instances of insiders and large traders doubling down on shorts amid expectations of market corrections.