Bitcoin whale partially closes $114M short on Hyperliquid to dodge liquidation

Someone with wallet address 0xff84 on Hyperliquid, the decentralized perpetuals exchange, was staring down the barrel of a forced liquidation on a Bitcoin short position worth roughly $114.4 million. So they did what any rational person sitting on 40x leverage would do: they started cutting. The trader closed approximately 250 BTC of the position across multiple transactions, eating a realized loss of about $33,400 in the process. That left a remaining short of around 1,543 BTC, valued at roughly $98.97 million, still live and still leveraged to the teeth. Playing with fire at 40x The position peaked at around 1,793 BTC, with an average entry price hovering between $63,999 and $64,000. At 40x leverage, a 2.5% adverse move wipes out the entire margin. As Bitcoin’s spot price climbed in recent sessions, the liquidation threshold crept up to approximately $64,225. That’s a gap of just $225 from the entry price, or about 0.35%. On-chain analytics firm Lookonchain, along with tracking service Hyperbot, flagged the activity as the trader began trimming the position to buy themselves breathing room. The partial close adjusted the liquidation price, giving the remaining $98.97 million shor...