On Hyperliquid, two giant bitcoin shorts have been recorded: the combined volume exceeds $200 million.
Analyzing liquidity flows on derivative platforms, I noticed extremely unusual activity on Hyperliquid. Two independent traders simultaneously opened large short positions on bitcoin, using aggressive 40x leverage. The notional volume of each trade was approximately $114 million and $100 million, respectively, totaling over $200 million.
A detailed breakdown shows that the liquidation level for the first position is set near $64,104, and for the second, around $64,579. This means the traders are betting on a local price decline while leaving themselves enough room to maneuver. Each of them contributed their own collateral of roughly $5.4 million, which, at such leverage, demonstrates high confidence in a correction scenario.
Notably, both positions are currently the largest on the exchange by notional volume. Moreover, there are no other open trades on either wallet — this points to the targeted, speculative nature of the strategy. Such concentration of capital in one direction often serves as a marker for counter-trend movements, especially if the market begins to move against the shorts' expectations.
From my point of view, such volumes with 40x leverage are not just a play on decline, but an attempt to capture volatility in a narrow range. If bitcoin breaks above the $64,500 level, we could see a cascade of position closures, which would amplify the momentum. However, amid the current macroeconomic uncertainty, such bets remain extremely risky, even for experienced players with deep pockets.