Whale trader Hyperliquid address 0xa31 opened major short positions worth $57.5 million across ETH, DOGE, and other altcoins on June 12.
The move led to substantial realized gains and losses, underscoring the high volatility and risk-reward dynamics of the altcoin market.
The whale address beginning with 0xa31 executed an aggressive shorting campaign across multiple cryptocurrencies—ETH, DOGE, PEPE, XRP, and HYPE—starting June 12, 2025. Out of 16 short positions, 14 turned profitable, with total trades exceeding $57.5 million in size. This high-volume strategy also generated $2.275 million in funding fees within just three days.
The two most profitable transactions were DOGE and XRP, with unrealized gains of $1.4 million and $2.48 million, respectively. However, the HYPE token short led to a significant loss of $3.21 million, showcasing the inherent risks of leveraged trading in volatile altcoin markets.
While Hyperliquid leadership has yet to comment, community engagement and on-chain analysis reveal heightened attention on the whale’s moves—given their potential to impact liquidity and trigger sharp market fluctuations.
Did you know? Back in March 2025, a Hyperliquid trader placed a massive $330 million short position, significantly swaying Bitcoin’s trajectory and broader market sentiment.
As of now, Ethereum (ETH) is trading at $2,554.86, holding a market cap of $308.43 billion and commanding 9.40% market dominance. At $24.67 billion, its 24-hour trading volume represents a 30.08% decline. Despite that, ETH has gained 2.15% in the past 24 hours and 2.82% over the last 7 days, according to CoinMarketCap.+
According to Coincu research, the sizable positions taken on Hyperliquid reflect an uptick in speculative strategies that are attracting attention from both retail and institutional players. This trend highlights growing liquidity pressures and raises questions around regulatory oversight within DeFi markets, signaling both profit potential and systemic vulnerability in the evolving crypto ecosystem.
