Top Trader Shorts $34.7 M in BTC at $102,709 on Hyperliquid, Faces $193K Liquidation Trigger
A trader on the decentralized exchange Hyperliquid has taken a massive short position on Bitcoin, amounting to $34.74 million with an entry point of ~$102,709.80. The trader recently added 35,010 BTC at ~$103,087, and their liquidation price stands at ~$193,007.90. This high-leverage trade, reported on November 13, 2025, is based on the expectation that Bitcoin prices will fall. If prices rise significantly, the trader risks forced liquidation, potentially influencing market conditions. The trade highlights the high risks and potential rewards in crypto derivatives and reflects the volatility and leverage risks linked to such positions.
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Massive Bitcoin Short on Hyperliquid
One of the players in the decentralized exchange Hyperliquid took a giant short in Bitcoin. DefiLlama reported that the trader just shorted 35,010 BTC at $103,087, increasing their total short to $34.74M with an average entry price of $102,709.80. The liquidation price for this position is $193,079.90, meaning the position would collapse if Bitcoin surges to this amount.
Understanding the Trade
Users on Hyperliquid can trade perpetual futures (perps) and leverage positions to a very high level. Shorting involves betting on the fall of Bitcoin's price. The trader’s massive short position of $34.74 million indicates that even small fluctuations could lead to large gains or losses. In the event of margin failures, the trader will face liquidation. The fact that this liquidation price is so high suggests either the trader is highly leveraged or that Hyperliquid has special liquidation reserves.
Market Timing and Context
The trade was highlighted by Whale Watch Perps on November 13, 2025, at 12:51 UTC (6:21 PM IST). The trader entered at a price of approximately $102,709, which corresponded with Bitcoin’s recent market volatility. This indicates that the trader might be closely monitoring on-chain indicators or derivative order books, and is reacting promptly to market conditions.
Implications of the Trade
To the Trader: There is potential for massive gain if Bitcoin falls, but equally, they could face catastrophic liquidation if Bitcoin's price surges.
To the Market: A short position of $34.7M is enormous. In a bullish market, forced liquidations could potentially trigger a rally.
To Derivative Platforms: High-leverage derivatives like this one increase risk to exchanges and the broader market, highlighting issues of margin risk and volatility.
Key Numbers to Watch
- Short entry price: ~$102,709.80
- Position size: ~$34.74 million
- Latest addition: $35,010 BTC at ~$103,087
- Liquidation price: ~$193,079.90
This short underscores the high stakes involved in crypto derivatives trading. The risk is immense, but so is the potential reward. Only a trader with a strong belief in a sharp BTC decline would take such a position. The guiding principle here is significant risk-taking across the board.