Whale is "Hunted" For Shorting $524M in BTC on Hyperliquid

A Whale is "Hunted" For Shorting $524M in BTC on Hyperliquid

A whale trader on Hyperliquid opened a 40x leverage short position worth $524 million, betting on Bitcoin’s decline ahead of the March 19 FOMC meeting. The position, entered at $84,043, risks liquidation if BTC rises above 85,565$, while the trader has already secured over $2.8 million in unrealized profits.

The massive trade drew public backlash, with crypto figure CBB rallying traders, to drive Bitcoin’s price higher and liquidate the position. “If you are willing to hunt this dude with size, drop a DM,” CBB wrote on X, claiming that their group’s funds had already exceeded eight figures.

Traders successfully pushed BTC from $83,183 to over $84,690, forcing the whale to deposit $5 million in USDC to avoid liquidation. Analysts suspect the whale may be employing a dual-exchange strategy, shorting on Hyperliquid while going long on a centralized exchange.

Despite the market pressure, the whale continues to add collateral, keeping the position open. Hyperliquid’s official account acknowledged the event, stating, “When a whale shorts $450M+ BTC and wants a public audience, it’s only possible on Hyperliquid.”

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SOL Futures Launch on CME on Solana's 5th Anniversary

CME Group launched Solana futures on March 17, marking an important milestone for the asset on its 5-year anniversary. The exchange now offers two contract sizes: micro contracts covering 25 SOL and larger contracts covering 500 SOL. Market analysts believe the launch brings Solana ETFs closer to approval, with at least 13 ETF applications awaiting SEC review.

Solana’s classification by the SEC remains a key hurdle, as labeling it security could delay ETF approvals. Crypto-friendly SEC nominee Paul Atkins has yet to be confirmed, and progress on altcoin ETFs is stalling. Bloomberg analysts estimate a 70% chance of Solana ETFs being approved by year-end, as investor demand for regulated exposure to altcoins increases.

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Standard Chartered Cuts Ethereum 2025 Price Target to $4,000

Standard Chartered slashed its Ethereum price target for 2025 from $10,000 to $4,000, citing declining market dominance. Analysts say Ethereum’s Layer 2 networks, particularly Base, have shifted transaction fees away from the main chain, reducing Ethereum’s market cap by $50 billion. This adjustment follows a stagnant start to the year amid wider financial uncertainty.

The bank’s digital asset research head, Geoffrey Kendrick, suggested taxing Layer 2 super-profits, similar to government taxation on foreign-owned mining firms. Without intervention, he believes Ethereum will continue losing ground to Bitcoin. Meanwhile, Standard Chartered remains bullish on BTC, maintaining its $500,000 target by 2029, fueled by institutional adoption and a potential Bitcoin crypto reserve.

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OKX Halts DEX Aggregator Over Security Concerns

OKX temporarily suspended its decentralized exchange (DEX) aggregator, citing security risks and attempted exploits. The company claims North Korea’s Lazarus Group tried to misuse its DeFi services, prompting the pause to further improve blockchain transaction tracking. OKX also reported an increase in competitive attacks, which it says are attempts to discredit its platform.

The decision follows reports that $100 million from the Bybit hack flowed through OKX’s Web3 services. OKX denies wrongdoing and insists it has implemented measures to block hacker transactions. European regulators are now scrutinizing OKX’s compliance with MiCA rules, while the exchange faces growing pressure over its security practices.

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Data of the Day

Global crypto funds have suffered five straight weeks of outflows, totaling $6.4 billion, the worst streak on record. Last week alone, investors pulled $1.7 billion, with US-based funds leading the exodus at $1.16 billion. Analysts blame the outflows on Bitcoin’s price stagnation and investors reallocating funds away from digital assets.

Bitcoin remains flat at $83,558, struggling to break resistance near $85,000–$90,000, despite talk of a US Bitcoin reserve. Switzerland saw $527 million in outflows, while funds in Germany, Brazil, and Hong Kong reported modest inflows. With ETF interest shifting toward altcoins, Bitcoin ETFs now face increasing competition for institutional capital.

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More Breaking News

• Michael Saylor’s Strategy made its smallest Bitcoin purchase ever, adding just 130 BTC for $10.7M, despite BTC briefly dipping below $80,000 last week.
• North Korea's Lazarus Group now holds 13,518 BTC, surpassing El Salvador and Bhutan in Bitcoin treasuries after a $1.4 billion hack on Bybit last month.
• A UK man lost his appeal to search a landfill for a hard drive containing 8,000 BTC and now plans to take his case to the European human rights court.
• South Korea's central bank ruled out Bitcoin as a reserve asset, citing high price volatility and its failure to meet the IMF’s foreign exchange criteria.
• Changpeng Zhao (CZ) argued that AI agents should focus on real-world utility instead of launching tokens, as the sector's market cap has plunged 61% from its peak.
• Canary Capital has filed with the SEC for what could be the first Sui ETF in the US, following World Liberty Financial's decision to include Sui in its reserves.
• Four suspects were charged after breaking into streamer Amouranth’s home, assaulting her, and demanding the private keys to her cryptocurrency holdings.
• Aave founder Stani Kulechov confirmed no new token will be created for Horizon after Aave DAO reached consensus, prioritizing existing governance structures.

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