A rapid price decline allowed a “short whale” on Hyperliquid to achieve a reversal within two days. According to the latest information, this whale identified by the address 0x94d37 has seen its BTC short position turn from an unrealized loss of $3.3 million on January 6 to an unrealized gain of $2.1 million on January 8. This not only reflects the rapid volatility of Bitcoin prices, but also maps out the complexity of hedging games and risk management in the current market.
Details of Whale Short Position Turnaround
According to Hyperinsight monitoring data, the whale’s current position size is quite considerable:
Shorting 1599.61 BTC with 10x leverage (approximately $144 million exposure)
Average entry price of $91,331.6
Current unrealized gain of $2.1 million
Simultaneously shorting 6 altcoins with high leverage, all in unrealized profit
This means the whale profited as BTC price declined from the entry price of $91,331.6 to the current $90,119.85. Although the decline appears modest (approximately 1.3%), under 10x leverage amplification, it has already generated significant returns.
Position Changes Within Two Days
Date
Event
BTC Short Position
Unrealized Loss/Gain
Notes
January 6
Added positions in multiple coins
1502.75 BTC
Unrealized loss of $3.3M
BTC price was relatively high at the time
January 8
Position adjustment
1599.61 BTC
Unrealized gain of $2.1M
BTC continued to decline, short positions profitable
Market Background and Price Trends
This reversal occurred against a backdrop of overall BTC weakness. According to the latest data, BTC’s current price is $90,119.85, down 2.10% over the past 24 hours, and up 2.65% over the past 7 days. While the weekly chart maintains an uptrend, downward pressure on the daily chart is evident.
More importantly, MicroStrategy, as the world’s largest corporate Bitcoin holder, is facing pressure on its stock price and market sentiment. According to relevant reports, MicroStrategy holds 673,783 BTC, but its stock price has declined approximately 47.5% in 2025, with unrealized losses of $17.44 billion in the fourth quarter. This stock price pressure and market skepticism about its Bitcoin strategy may have also influenced overall market sentiment to some degree, pushing down BTC prices.
Risks and Opportunities Behind High-Leverage Operations
The Cost of Returns
The whale’s operational strategy is a typical high-risk, high-reward model. 10x leverage means:
A 1.3% price decline can generate a 13% return rate
Conversely, a 1.3% price increase would result in a 13% loss
In more extreme cases, if prices rise back above the entry price, there’s a risk of liquidation
From the unrealized loss of $3.3 million on January 6 to today’s unrealized gain of $2.1 million, this $5.4 million reversal is a direct manifestation of the high-leverage amplification effect.
Insights from Market Hedging
This whale simultaneously shorts BTC and multiple altcoins. This multi-coin hedging strategy reflects a prevailing view in the current market: Bitcoin and the entire crypto market may face short-term adjustment pressure. This resonates with the market sentiment of MicroStrategy’s stock price under pressure.
Personal Perspective
From a market structure standpoint, the emergence and profitability of such large short positions often indicates that disagreements among market participants about price direction are intensifying. On one hand, long-term holders like MicroStrategy are continuously adding to spot positions; on the other hand, high-leverage shorts like this whale are seeking short-term returns. The existence of this hedging actually reflects the market digesting various uncertainties—MicroStrategy’s stock price pressure, Bitcoin valuation disputes, macroeconomic changes, and more.
Summary
The process of this whale’s short position turning from unrealized loss to unrealized gain essentially reflects two key phenomena: first, the rapid short-term volatility of BTC prices, and second, the activity of high-leverage hedging strategies in the market. Although a $2.1 million unrealized gain relative to a $144 million exposure is not a significant return, it does indicate that under the current market environment, shorts also have opportunities. The key point is that the risks of such high-leverage operations always exist—if prices move in the opposite direction, gains could instantly turn into losses. For ordinary investors, this is more of a window to observe market sentiment and risk appetite, rather than a direct trading signal to reference.
Strategy対向取引の巨大クジラBTCショートポジションが2日で損益分岐点を超え、損失330万から利益210万へ
A rapid price decline allowed a “short whale” on Hyperliquid to achieve a reversal within two days. According to the latest information, this whale identified by the address 0x94d37 has seen its BTC short position turn from an unrealized loss of $3.3 million on January 6 to an unrealized gain of $2.1 million on January 8. This not only reflects the rapid volatility of Bitcoin prices, but also maps out the complexity of hedging games and risk management in the current market.
Details of Whale Short Position Turnaround
According to Hyperinsight monitoring data, the whale’s current position size is quite considerable:
This means the whale profited as BTC price declined from the entry price of $91,331.6 to the current $90,119.85. Although the decline appears modest (approximately 1.3%), under 10x leverage amplification, it has already generated significant returns.
Position Changes Within Two Days
Market Background and Price Trends
This reversal occurred against a backdrop of overall BTC weakness. According to the latest data, BTC’s current price is $90,119.85, down 2.10% over the past 24 hours, and up 2.65% over the past 7 days. While the weekly chart maintains an uptrend, downward pressure on the daily chart is evident.
More importantly, MicroStrategy, as the world’s largest corporate Bitcoin holder, is facing pressure on its stock price and market sentiment. According to relevant reports, MicroStrategy holds 673,783 BTC, but its stock price has declined approximately 47.5% in 2025, with unrealized losses of $17.44 billion in the fourth quarter. This stock price pressure and market skepticism about its Bitcoin strategy may have also influenced overall market sentiment to some degree, pushing down BTC prices.
Risks and Opportunities Behind High-Leverage Operations
The Cost of Returns
The whale’s operational strategy is a typical high-risk, high-reward model. 10x leverage means:
From the unrealized loss of $3.3 million on January 6 to today’s unrealized gain of $2.1 million, this $5.4 million reversal is a direct manifestation of the high-leverage amplification effect.
Insights from Market Hedging
This whale simultaneously shorts BTC and multiple altcoins. This multi-coin hedging strategy reflects a prevailing view in the current market: Bitcoin and the entire crypto market may face short-term adjustment pressure. This resonates with the market sentiment of MicroStrategy’s stock price under pressure.
Personal Perspective
From a market structure standpoint, the emergence and profitability of such large short positions often indicates that disagreements among market participants about price direction are intensifying. On one hand, long-term holders like MicroStrategy are continuously adding to spot positions; on the other hand, high-leverage shorts like this whale are seeking short-term returns. The existence of this hedging actually reflects the market digesting various uncertainties—MicroStrategy’s stock price pressure, Bitcoin valuation disputes, macroeconomic changes, and more.
Summary
The process of this whale’s short position turning from unrealized loss to unrealized gain essentially reflects two key phenomena: first, the rapid short-term volatility of BTC prices, and second, the activity of high-leverage hedging strategies in the market. Although a $2.1 million unrealized gain relative to a $144 million exposure is not a significant return, it does indicate that under the current market environment, shorts also have opportunities. The key point is that the risks of such high-leverage operations always exist—if prices move in the opposite direction, gains could instantly turn into losses. For ordinary investors, this is more of a window to observe market sentiment and risk appetite, rather than a direct trading signal to reference.