Bitcoin Whales Place 40× Leveraged $830 M Long on Hyperliquid

On June 6, blockchain data shows major Bitcoin whales opening a massive 40× leveraged long position worth $830 million on Hyperliquid’s perpetuals market. This record-sized bet—equivalent to over 7,300 BTC notional—signals extraordinary bullish conviction just days after Bitcoin reclaimed $114,000.

Position Summary

The block explorer WhaleMap reveals a cluster of four on-chain addresses collectively trading 18,250 BTC notional at a 40× leverage level. Margins placed totaled $20.7 million, attracting attention as funding rates spiked above 0.15%, reflecting urgent demand for upside exposure.

Leverage Risks

At 40× leverage, a 2.5% adverse move could liquidate the entire position. Such concentrated risk raises concerns: while potential gains soar, so do margin call and cascading liquidation risks. Hyperliquid’s insurance fund currently holds $55 million, offering partial coverage should mass liquidations occur.

Market Context

Bitcoin has rallied 12% since May 20, buoyed by ETF inflows and subdued volatility. Options implied vol rests at 54%—near the lower quartile for the year—encouraging traders to seek asymmetric upside via futures. This whale bet could exacerbate short-squeeze dynamics if spot breaks $118,000.

Implications

Should the whale position hold, it may catalyze amplified upward momentum, forcing short-sellers to cover. Conversely, a steep pullback could strain the exchange’s margin engine, stressing market stability. Traders are advised to heed funding rate signals and utilize proper risk controls.