Hyperliquid trader earns $84M shorting Ethereum with high leverage

Hyperliquid trader earns $84M shorting Ethereum with high leverage

ETHMegaBear saw unrealized gains swell on his Ethereum short as crypto markets unraveled today.

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Vivian Nguyen
By Vivian Nguyen

Powered by Gloria

Updated 1:24 p.m. ET

A trader known as “ETHMegaBear” has earned roughly $84 million in total unrealized profits by shorting Ethereum on Hyperliquid, a decentralized perpetual futures exchange, according to data tracked by Lookonchain.

ETHMegaBear has been shorting ETH on Hyperliquid since 2024, consistently using maximum leverage. The trader currently holds a short position of 30,582 ETH valued at approximately $86 million.

ETHMegaBear’s unrealized profits on his Ethereum short grew today as ETH sold off during a broader market downturn. The second-largest crypto asset fell from above $2,900 to around $2,800, while Bitcoin dropped below $85,000 for the first time since last December, per CoinGecko.

The rapid downturn wiped out approximately $360 million in leveraged positions in just one hour. Traditional markets were also hit, with equities, tech stocks, and gold all experiencing turbulence.

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Hyperliquid trader earns $84M shorting Ethereum with high leverage

Hyperliquid trader earns $84M shorting Ethereum with high leverage

ETHMegaBear saw unrealized gains swell on his Ethereum short as crypto markets unraveled today.

by Vivian Nguyen | Powered by Gloria

Share

Add as preferred source

A trader known as “ETHMegaBear” has earned roughly $84 million in total unrealized profits by shorting Ethereum on Hyperliquid, a decentralized perpetual futures exchange, according to data tracked by Lookonchain.

ETHMegaBear has been shorting ETH on Hyperliquid since 2024, consistently using maximum leverage. The trader currently holds a short position of 30,582 ETH valued at approximately $86 million.

ETHMegaBear’s unrealized profits on his Ethereum short grew today as ETH sold off during a broader market downturn. The second-largest crypto asset fell from above $2,900 to around $2,800, while Bitcoin dropped below $85,000 for the first time since last December, per CoinGecko.

The rapid downturn wiped out approximately $360 million in leveraged positions in just one hour. Traditional markets were also hit, with equities, tech stocks, and gold all experiencing turbulence.