In the recent volatile market, the most outstanding traders are undoubtedly the players who have been making excessive profits by frequently opening and closing contracts on Hyperliquid - 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, and have thus been dubbed the "insider trader" in the community's envious and suspicious discussions.
Currently, some retail investors have already viewed it as a "trading signal indicator" and have won in follow-up trading. In view of this, Odaily will briefly review the relevant operations and observation addresses of the Hyperliquid platform's profit whales 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 such as TRUMP, MELANIA, and LIBRA, the meme market in the cryptocurrency market has phased out, and the on-chain contract market has become the latest gold rush destination for countless traders.
According to a Messari report in early February, Hyperliquid's monthly trading volume has grown more than 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 officially 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: HyperEVM blocks as part of the L1 execution, inheriting all the security of the HyperBFT consensus; spot transfers 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 protocol revenue of HyperliquidX in the past 24 hours was $2.46 million, 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, the number of independent users of Hyperliquid has reached nearly 400,000; the cumulative number of transactions has reached 53 billion; the platform's cumulative trading volume has exceeded $1.9 trillion.
And since February, many big players have achieved impressive results 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" Operation Review: BERA, BTC, ETH and More 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 shorted BERA shortly after its launch and earned $589,000 in less than 2 hours. 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 cleared.
Whale Operation: Shorting ETH with 50x Leverage, Floating Profit Over $62.4 Million
At the end of February, according to Onchain Lens monitoring, a whale shorted ETH on Hyperliquid 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 the Massive Decline, 24-Hour Profit of $6.83 Million
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 realized, and they have now started to realize profits 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 called for going long on XRP, SOL, ADA, BTC, and ETH, saying he would establish a cryptocurrency reserve, and this caused the address to temporarily realize a profit of $6.46 million due to the timing of its trades and exit points. At the time, many in the market speculated that it might be an insider close to Trump. Although this view was later refuted by Coinbase executive Conor Grogan, as the funds were from a phishing scam, the truth remains unknown.
This address has now been fully cleared.
Observation address: https://hypurrscan.io/address/0xe4d31c2541A9cE596419879B1A46Ffc7cD202c62
Insider Trader Strikes Again: Opens $13.45 Million Bitcoin Short
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 $6.83 million whale" opened a $13.45 million BTC short, still with 50x leverage, and at a sensitive time point, just switching from long to short and with a smaller position; this time the entry price was $93,117.5, the liquidation price was $94,083, and it briefly had $60,000 in floating losses. But ultimately, this address successfully exited with a profit of nearly $300,000.
Institutional Operation: 50x Leverage $139 Million ETH Short, 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, this address has about $97 million in contract positions.
Suspected Insider Trader Hat Trick: 50x Leverage Long ETH, $2.15 Million Profit in 40 Minutes
Just this afternoon, according to monitoring by on-chain analyst Ai Yi, the "Hyperliquid 50x long BTC and ETH $6.83 million whale" deposited 1.95 million USDC as margin and opened a 50x long ETH position, holding 27,809 ETH (about $57.88 million) at an entry price of $2,057.49 and a liquidation price of $2,008.
Shortly after opening the position, ETH rose to a high of $2,149, and they eventually closed the entire position to realize a profit of $2.15 million in less than 40 minutes. As of now, they have accumulated a total profit of $9.28 million through three leveraged trades.
Observation address: https://hypurrscan.io/address/0xf3F496C9486BE5924a93D67e98298733Bb47057c
Whale Operation: $4.06 Million USDC Long BTC, $589,000 Floating Profit
On March 6, according to Lookonchain monitoring, an address 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 went long on BTC with 20x leverage at $89,930, with a floating 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 your speed
At present, the so-called "insider trader" seems to have an unusually high win rate in long and short operations, and his true identity may be a hacking scammer, or he may still be an insider or a whale accomplice.
Given that the Hyperliquid infrastructure is not yet mature, current followers rely more on speed. Odaily reminds that in the face of uncertain market trends, leverage should be used with caution, and risk control should be done before choosing the "big brother".
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