Trader Longs $200M of BTC

‍

Another large Hyperliquid trader has emerged after James Wynn’s spectacular downfall over the past month. This new trader, 0x1f2, has just opened a 1,958.15 BTC long on Hyperliquid, currently worth over $205M. However, unlike James Wynn, their liquidation price is much healthier, sitting at $94,013, or approximately a 10% move away. The position is currently down $1.72M.

This address has been funded only via Bybit withdrawals, with few other transactions aside from bridging in and out from Hyperliquid. Their Bybit deposit address, 0xbfd, has also received large deposits from on-chain gambling platform Rollbit, centralized exchange BitMEX, and another EVM address, 0xa7D.

‍

‍

The world of high-leverage perpetual trading is often defined by its spectacular wins and equally dramatic losses, with the liquidation price serving as the critical metric of a position's risk. This price is the threshold at which the exchange's risk engine automatically closes a trader's position to prevent their account balance from going negative. A liquidation price that is very close to the entry price implies the use of extremely high leverage with minimal collateral, making the position fragile and susceptible to even minor market fluctuations. Conversely, a liquidation price far from the current market price indicates a more conservative use of leverage or a larger amount of collateral, suggesting a more robust and carefully managed position.

By following the trail from centralized exchanges to on-chain wallets and decentralized applications, analysts can build a profile of a trader or entity. The source of funds can offer clues, though not certainties, about a trader's history, sophistication, and potential risk appetite.

Blockchain analysis tools, like Arkham Intel, bring a layer of transparency (whilst maintaining some degree of anonymity) to the digital asset space.