A trader who earned $192 million by shorting bitcoin ahead of last week’s cryptocurrency market crash has opened another large bearish position as markets attempt to recover from the Trump tariff shock. The wallet, identified as 0xb317 on the decentralized derivatives platform Hyperliquid, established a new $163 million short position on bitcoin late Sunday, according to data from Hypurrscan. The position uses 10x leverage and was already $3.5 million in profit during Asian afternoon trading hours, with a liquidation level of $125,500.
The same trader first gained attention on Friday when it opened a massive short position roughly 30 minutes before former President Donald Trump’s surprise announcement of 100% tariffs on Chinese imports. That policy announcement erased over $19 billion in cryptocurrency market value and triggered the largest single day of liquidations in the market’s history. The perfectly timed bet generated a gain of nearly $200 million, leading to speculation that the entity may have had advance knowledge of the policy shift.
On-chain analysts and traders have since labeled the address an “insider whale,” with some arguing that the position itself could have accelerated the market crash. Hyperliquid is the largest decentralized perpetuals exchange, allowing traders to open high-leverage futures positions directly on-chain without relying on centralized intermediaries like Binance or OKX. The platform has become popular among high-frequency traders and large investors due to its deep liquidity, transparent order book, and fast execution capabilities.
The platform features Auto-Deleveraging, a built-in safety mechanism that prevents bad debt during extreme market volatility.
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