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 traders" in the community's envious and suspicious discussions.
Currently, some retail investors have already regarded them as "trading signal indicators" and have won in copy trading. In view of this, this article briefly reviews the operations of the profit-making whales on the Hyperliquid platform and the addresses under observation, for readers' reference.
Hyperliquid becomes the latest gold rush holy land: monthly trading volume grows over 4 times in 6 months
After the baptism of political Meme coins such as TRUMP, MELANIA, and LIBRA, the Meme market of the cryptocurrency market has left the stage, 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 times 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: building HyperEVM blocks as part of L1 execution, inheriting all the security of 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 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.
"On-chain Binance", terrifying as it is
Since February, many whales 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 considerable trading depth in the volatile bear market.
Whale "insider trading" operations review: BERA, BTC, ETH and others are all within their scope
Whale operation: Shorting BERA and making $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 BERA was launched. 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, making over $62.4 million in unrealized profits
At the end of February, according to Onchain Lens monitoring, a certain whale shorted ETH on HyperLiquid with 50x leverage, with unrealized profits exceeding $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 trader: Going long on ETH and BTC during a sharp decline, with an ETH position of 88,510 and making $6.83 million in profits 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 now they are starting to take profit on Bitcoin, with 315 BTC left.
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 soon establish a cryptocurrency reserve, and this affected the address, which at one point had $6.46 million in unrealized profits. Due to the extremely precise timing of the opening and closing of the positions, many in the market at the time speculated that the person 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
The suspected insider trader strikes again: opening a $13.45 million BTC 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, making $6.83 million in profits whale" opened a $13.45 million BTC short position, still with 50x leverage, and at a sensitive time point, just switching from long to short and with a smaller position size; the current entry price is $93,117.5, the liquidation price is $94,083, and it once had $60,000 in floating losses. But soon, this address finally exited with a profit of nearly $300,000.
Institutional operation: Opening a $139 million ETH short position with 50x leverage, making $78.19 million in unrealized profits at one point
On March 4, according to Hypurrscan data, a certain whale opened a $139 million ETH short position on Hyperliquid with 50x leverage, with $78.19 million in unrealized profits, and a liquidation price of 3507 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's hat trick: Opening a 50x long ETH position and making $2.15 million in profits in 40 minutes
Just this afternoon, according to monitoring by on-chain analyst Ai Yi, the "Hyperliquid 50x long BTC and ETH, making $7.13 million in profits whale" deposited 1.95 million USDC as margin and opened a 50x long ETH position, holding 27,809 ETH (about $57.88 million), with an entry price of $2,057.49 and a liquidation price of $2,008.
Shortly after the position was opened, ETH rose to a high of $2,149, and they eventually closed the entire position and took profits, making $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: Opening a long BTC position with 4.06 million USDC, making $589,000 in unrealized profits
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, making $589,000 in unrealized profits, with a liquidation price of $75,186.
Observation address:
https://hypurrscan.io/address/0x523b21F469825D0104ac6A3c762a955EeDb75e5B
Summary: Eat meat and drink soup, all depends on hand speed
At present, it seems that the suspected insider trader has an unusually high win rate in long and short operations, and his true identity may still 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 mainly on hand speed. Odaily reminds that when the market trend is unclear, leverage should be used cautiously, and risk management should be done before choosing the "big brother".
