Original | Odaily (@OdailyChina)
Author | Wenser (@wenser 2010)
In the recent volatile market, the traders with the most impressive track records are undoubtedly the ones who have been frequently opening and closing contracts on Hyperliquid to make excess profits - amid the ups and downs of mainstream coins like BTC and ETH, they seem to always be able to discover the trend direction ahead of time, open positions quickly, and accurately close and withdraw, earning them the nickname "insider" in the community's envious and suspicious discussions.
Currently, some retail investors have started to view it as a "trading signal indicator" and have achieved success in copy trading. In view of this, Odaily will briefly review the profitable whale-related operations and observation addresses on the Hyperliquid platform in this article for readers' reference.
Hyperliquid Becomes the Latest Gold Rush Destination: Monthly Trading Volume Grows Over 4-Fold in 6 Months
After the baptism of political meme coins like TRUMP, MELANIA, and LIBRA, the meme market in the cryptocurrency market has temporarily subsided, and the on-chain contract market has become the latest gold rush destination for countless traders.
In early February, according to a Messari report, Hyperliquid's monthly trading volume has grown over 4-fold since October 2024, indicating the platform's rapid rise in the decentralized trading market. Hyperliquid has cultivated a batch of high-value, continuously active trading users, becoming the only Layer 1 alternative solution with a clear core user group in the market.
In late February, Hyperliquid announced that the HyperEVM mainnet has been launched, which will introduce general programmability into Hyperliquid's high-performance financial system, with the initial mainnet release including: building HyperEVM blocks as part of the L1 execution, inheriting all the security of the HyperBFT consensus; spot transfer between native spot HYPE and HyperEVM HYPE; a standard WHYPE system contract applicable to DeFi applications.
Meanwhile, on February 22, according to Degen News citing DeFiLlama data on the X platform, the HyperliquidX protocol generated $2.46 million in revenue in the past 24 hours, surpassing pump.fun to rank third, only behind the two major stablecoin issuers Tether and Circle. It must be said that the trend may have been evident at the time.
According to Dune data, as of March 7, Hyperliquid has nearly 400,000 unique users; the cumulative number of transactions has reached 53 billion; the platform's cumulative trading volume has exceeded $1.9 trillion.
"On-chain Binance", terrifying as it is
Since February, many whales have achieved impressive track records from Hyperliquid - with profit scales ranging from hundreds of thousands to tens of millions of dollars. Waving the "on-chain Binance" flag, Hyperliquid has become a "trading victory ground" with substantial depth in the volatile bear market.
Whale "Insider Trading" Operations Review: BERA, BTC, ETH and More All Within Their Scope
Whale Operation: Shorting BERA to Earn $589,000 in Less Than 2 Hours
In early February, according to Lookonchain monitoring, a whale made $589,000 by shorting BERA in less than 2 hours after its launch. The whale had deposited $1.6 million into Hyperliquid 16 hours earlier and shorted BERA at $13, making a profit of $589,000.
Observation address: https://hypurrscan.io/address/0x0eC0A15e5763ED97A85e860fDCCd7D1e082b5AA9
It is worth mentioning that this address has now been fully cleared out.
Whale Operation: Shorting ETH with 50x Leverage, Floating Profit Over $62.4 Million
In late February, according to Onchain Lens monitoring, a whale on HyperLiquid shorted ETH with 50x leverage, with a floating profit of over $62.4 million at the time.
Observation address: https://hypurrscan.io/address/0x20C2d95a3Dfdca9e9AD12794D5fa6FaD99dA44f5
Currently, this address still has $98 million in contract positions.
Suspected Insider: Going Long on ETH and BTC During Steep Declines, Earning $6.83 Million in 24 Hours
According to on-chain analyst Ai Yi, the 88,510 ETH long position of the 50x long user on Hyperliquid has been fully closed and taken profit, and they have now started to take profit on Bitcoin, with 315 BTC remaining.
This address previously opened over $200 million in long positions with $6 million in USDC principal - ETH: 49,384 at an entry price of $2,196, liquidation price of $2,133.9;BTC: 1,260 at an entry price of $85,671, liquidation price of $84,629.Subsequently, this address added another 914 ETH and 41 BTC to its long positions.
The rest is history - Trump directly shilled XRP, SOL, ADA, BTC, and ETH, saying he would establish a cryptocurrency reserve, and this affected the address, which at one point had a floating profit of $6.46 million. Due to the extremely precise timing of the entry and exit, many in the market at the time suspected the address might be related to an insider close to Trump. Although this view was later refuted by Coinbase executive Conor Grogan, who said the funds came from a phishing scam, the truth remains unknown.
The address has now been fully cleared out.
Observation address: https://hypurrscan.io/address/0xe4d31c2541A9cE596419879B1A46Ffc7cD202c62
The Insider Strikes Again: Opens a $13.45 Million Bitcoin Short Position
In early March, according to monitoring by ai_ 9684 xtpa, 20 minutes before the US stock market opened, the "Hyperliquid 50x long BTC and ETH, earning $6.83 million whale" opened a $13.45 million BTC short position, still using 50x leverage, and still at a sensitive time point, but this time switching from long to short and with a smaller position size. The entry price was $93,117.5, the liquidation price was $94,083, and it briefly had $60,000 in floating losses. But the address ultimately "successfully exited with a profit of nearly $300,000" again.
Institutional Operation: Opens a $139 Million ETH Short Position with 50x Leverage, Floating Profit of $78.19 Million at One Point
On March 4, according to Hypurrscan data, a whale on Hyperliquid opened a $139 million ETH short position with 50x leverage, with a floating profit of $78.19 million, and a liquidation price of 3,507 USDT. Subsequently, it was learned that this position was actually set up by the stablecoin USR maintenance protocol Resolv Labs.
Observation address: https://hypurrscan.io/address/0x20c2d95a3dfdca9e9ad12794d5fa6fad99da44f5
Currently, the contract holdings at this address are worth approximately $97 million.
Suspected insider's hat trick: 50x leverage long ETH, $2.15 million profit in 40 minutes
According to on-chain analyst Ai Yi's monitoring, the "Hyperliquid 50x leverage long BTC and ETH $7.13 million whale" deposited 1.95 million USDC as margin, opened a 50x ETH long position, holding 27,809 ETH (about $57.88 million), with an opening price of $2,057.49 and a liquidation price of $2,008.
Shortly after the position was opened, ETH reached a high of $2,149, and the whale eventually closed the position at a profit of $2.15 million in less than 40 minutes. As of now, he has accumulated a total profit of $9.28 million through three leveraged trades.
Observation address: https://hypurrscan.io/address/0xf3F496C9486BE5924a93D67e98298733Bb47057c
Whale operation: Long 4.06 million USDC on BTC, $589,000 unrealized profit
On March 6, according to Lookonchain's monitoring, a wallet that had been dormant for two years sold 1,863 ETH at an average price of $2,181, obtaining 4.06 million USDC.The address then deposited the 4.06 million USDC into Hyperliquid and long BTC at $89,930 with 20x leverage, with an unrealized profit of $589,000 and a liquidation price of $75,186.
Observation address: https://hypurrscan.io/address/0x523b21F469825D0104ac6A3c762a955EeDb75e5B
Summary: Eat meat and drink soup, all depends on speed
Currently, the suspected insider's win rate in long and short operations is surprisingly high, and his true identity may be a phishing hacker, or he may still be an insider or a whale accomplice.
Given that the Hyperliquid infrastructure is not yet mature, current followers rely heavily on speed. Odaily reminds that in the face of uncertain market trends, one should be cautious about leveraging, and do proper risk management before following the "big brother".
