Crypto Whale Makes $3.5M Shorting Altcoins on Hyperliquid

An address beginning with 0xa31 has spent the week leaning hard against the alt-market on Hyperliquid.

Since 12 June the trader has opened shorts on 16 different tokens worth a combined $57.5 million and is already sitting on roughly $3.56 million in unrealised gains—plus another $2.27 million collected in funding fees.

Most of the downside bet is aimed at large-cap names such as ETH, DOGE, PEPE and XRP. So far DOGE has delivered the biggest win at $2.49 million, with the XRP position close behind at $1.41 million.

The lone outlier is a short on HYPE, currently underwater by about $3.19 million.

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Alongside the headline names, the whale is also short smaller or novelty tokens including PEPE, FARTCOIN, LEFT, SUI, INIT, LAUNCHCOIN, PENGU, WLD, POPcat, LTC and MOODENG, as well as Bitcoin itself, bringing the running tally to sixteen separate positions—fourteen of which are in the black at press time.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.