The anonymous whale behind the famous 0xf3F...7057c wallet on Hyperliquid continued to stir up the community last weekend by placing a 40x cross-leveraged short BTC order. The story has since become legendary.
The Hyperliquid "whale" causes market turmoil with a Bitcoin short order
Last weekend, the Derivative DEX Hyperliquid once again became the focus of the community with an anonymous "whale" owning the wallet address 0xf3F...7057c.
The "glorious" history of this wallet must include the "abnormal" long ETH order on 12/03, which caused Hyperliquid to suffer a $4 million loss. The platform was then forced to limit leverage again for massive orders to reduce exposure risk.
One might think that such a "world-shaking" order would be enough for the trader to "retire", abandoning the wallet that had been "scrutinized" by the entire community. But no, on 15/03, the wallet appeared again, placing a BTC short order.
Initially, the wallet only deposited around $6 million USDC, placing a cross-leveraged short order with 40x leverage at a price of $84,260. Notably, due to the high leverage, the liquidation price was "close" at $85,700. This means that Bitcoin only needs to increase by about $1,500 for the order to be fully liquidated.
Subsequently, this person gradually deposited more money to "stuff the order", or increase the value of the short order. As well as to push the liquidation price further away.
But the story becomes even more interesting when some other famous traders in the community call for "collaboration" to "hunt the whale". Meaning they work together to place long orders to pump the BTC price to the level that liquidates the short order.
In fact, the story of leveraged trading positions being "hunted" is not uncommon. This phenomenon started in the traditional financial market and has spread to the crypto market. But previously, since the "massive" orders were all placed on CEXs, we could not observe or track the order status, nor could we clearly see how the "behind-the-scenes" forces were operating.
This time, with the open position on the Hyperliquid DEX, transparent on the blockchain, the entire community has been "holding their breath" watching.
Specifically, around Sunday night 16/03, when the short order value reached over $370 million, the account CBB (@Cbb0fe) publicly posted on X calling for a "team" to hunt the whale.
7 figs size only in DM please, we already have 8 figs committed
— CBB (bera era) (@Cbb0fe) March 16, 2025
"Anyone who wants to hunt this whale and has a significant size, please DM me, let's form a team right away. We've already gathered a pretty large size."
Below, this person also noted that if the size (or roughly the asset value) is 7 figures, equivalent to millions of dollars, please contact them. Their group already has 8 figures, equivalent to tens of millions of dollars.
CBB even posted an image showing that the X account of Justin Sun had privately messaged him saying:
lmfao we might have some ammo coming in https://t.co/GS68ksb4aC pic.twitter.com/ExYHfg36M0
— CBB (bera era) (@Cbb0fe) March 16, 2025
"I'm interested, what's your Telegram account?"
It's unclear whether Justin Sun's involvement is real, as Sun himself did not interact with this story. But given Sun's "style" from the past, his "joining the fun" would not be too surprising.
Returning to the "whale hunting" group, within an hour, the BTC long order was placed, pushing the Bitcoin price to around $84,690 at one point, but it did not hold for long.
Unfortunately, that price level was not enough to hunt the whale, as the whale had deposited an additional $5 million USDC to bolster the order.
In general, the "hunt and be hunted" rule here is simply to see who has more money to hold the order. And although CBB mobilized 8 figures, tens of millions of dollars, the whale seems to have prepared even more money.
CBB's latest post is calling on Eric Trump, President Trump's son, to side with him:
Holy fuck please @EricTrump send help from the divine father to liquidate this mfer
— CBB (bera era) (@Cbb0fe) March 16, 2025
"Hey Eric Trump, please tell your father to help push the Bitcoin price to liquidate that bastard."
In conclusion, the victory in the hunt has gone to the short side. The ...7057c wallet has started to gradually close the position through TWAP orders. Currently, Hyperliquid shows a $430 million short order with an unrealized profit of around $4 million, with funding fees paid up to $380,000.
With an opening price of $83,900, a liquidation price of $86,000, this is likely to be a "big win" order, as Bitcoin started to "gradually decline" on 17/03, currently only around $83,200.
Source: Lookonchain
In addition, the whale also opened a new position, Longing MELANIA, the meme coin of the First Lady of the United States, with 5x cross-leverage.
Meanwhile, Hyperliquid proudly shared on its X account:
Hyperliquid has redefined trading.
— Hyperliquid (@HyperliquidX) March 17, 2025
When a whale shorts $450M+ BTC and wants a public audience, it's only possible on Hyperliquid.
When headlines say "Bitcoin Market on Edge," they are equating "Hyperliquid" with the "market."
Anyone can photoshop a PNL screenshot. No one can… pic.twitter.com/0fmBmXNOOg
"Hyperliquid is redefining the trading market.
When a whale opens a $450 million+ BTC short order and wants a public audience, that can only be done on Hyperliquid.
Anyone can photoshop a PnL screenshot, but no one can doubt a Hyperliquid position, just like no one can doubt a BTC balance."
The decentralized future is here.
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