The Big Picture: A Whale’s Perfect Bet
On October 10, 2025, around 3:49 UTC, crypto markets tanked hard due to U.S. tariff news. Bitcoin (BTC) dropped from ~$116K to ~$106K, and Ethereum (ETH) from ~$4,350 to ~$3,433 in hours (low liquidity on a Friday night made it worse). This wallet, a fresh “burner” account, shorted ETH with
12x leverage, banking
$72.3M in profit by betting the price would crash. Paired with a BTC-focused wallet (0xb317d2bc...), they made a combined ~$176M. Hyperdash shows only this one completed trade because it’s all the wallet did—opened, closed, cashed out, and ghosted. Let’s break it down.
How They Made the Trade (Step-by-Step)
Here’s the play-by-play of their massive ETH short, based on Hyperdash’s on-chain data:
- Created a Burner Wallet (Oct 10, ~3:19 UTC):
- The trader set up a new wallet just ~30 minutes before the tariff news broke. They deposited ~$30M in USDC (a stablecoin worth $1 each) as collateral to fund their bet.
- Why? A fresh wallet hides their identity—common for whales making one big move. Hyperdash’s Transfers tab (on https://hyperdash.info/trader/0x2ea18c23f72a4b6172c55b411823cdc5335923f4) shows this deposit as the first action.
- Opened a Huge ETH Short:
- Position: Shorted ~81,203 ETH (notional value ~$353M) at ~$4,350/ETH using 12x leverage—meaning they borrowed $12 for every $1 of their own money.
- What’s a Short? They “sold” borrowed ETH, betting they could buy it back cheaper after a price drop. If ETH hit ~$4,589 (liquidation price), they’d lose it all.
- Where to See It? On Hyperdash’s Trades tab, look for a row with:
- Asset: ETH/USD
- Side: Short
- Leverage: 12x
- Entry Price: ~$4,350
- Timestamp: ~Oct 10, 03:49 UTC
- TX Hash: e.g., 0x23a45cdb... (click for raw on-chain proof).
- Leverage Location: The “Leverage” column in the Trades table explicitly lists “12x” for this trade. Expand the row for details like notional size and liquidation price.
- Closed at the Crash Bottom (Locked $72.3M):
- As ETH plummeted to $3,433 (5:19 UTC), they closed 100% of the short, buying back the borrowed ETH at the low.
- Profit Math: Sold at $4,350, bought back at ~$3,433, pocketing the difference across ~81,203 ETH, minus tiny fees (0.02%). Result: $72,333,525.43 realized profit.
- Hyperdash Proof: The Trades tab lists this as a “filled short” with PnL: $72,333,525.43. The Stats card(top of the page) shows:
- Total Realized PnL: $72.3M
- Win Rate: 100% (one trade, one win)
- ROI: ~240% on their $30M collateral
- Cashed Out and Went Dark:
- Post-crash, they withdrew most of the ~$102M (collateral + profit) in USDC (see Transfers tab for withdrawal TXs).
- Why No Recent Trades? This was a one-hit wonder. The wallet’s been inactive since ~Oct 10, 5:19 UTC. Hyperdash’s Positions tab is empty (no open trades), and the Trades tab only shows the completed ETH short (or split fills for the same position).
Why $72.3M (Not $88M)?Early reports (Oct 10, from X and quick scans) estimated ~$88M because:
- Volatile Prices: During the crash, ETH’s wick low (~$3,433) was a rough snapshot. As prices stabilized, Hyperliquid’s oracle (price feed) finalized the close-out slightly higher, trimming gains.
- Fees and Fills: The $72.3M is net realized PnL after Hyperliquid’s ~0.02% fees (whales get discounts) and any split-order adjustments (e.g., closing in chunks).
- Paired Wallet Context: This wallet’s $72.3M (ETH) pairs with ~$104M from the BTC wallet (0xb317d2bc...), totaling ~$176M. Early buzz rounded up to ~$192M before final settlement. Hyperdash’s trader page focuses on this wallet’s realized ETH profit: $72,333,525.43.
| Key Metrics (Hyperdash, Oct 12) | Value |
|---|
| Realized PnL (ETH Wallet) | $72,333,525.43 |
| Leverage Used | 12x (ETH short) |
| Win Rate | 100% (1 trade, 1 win) |
| Hold Time | ~1.5 hours (Oct 10, 3:49–5:19 UTC) |
| Open Positions | None (all closed) |
Why Only “Filled Shorts” and No Recent Trades?You’re seeing just one trade (or a few fills for the same ETH short) because:
- One-and-Done Strategy: This burner wallet was made for one play: short ETH, cash out, vanish. No scalping, no bots, no follow-up trades in the last 2 days.
- Hyperdash’s Design:
- Trades Tab: Shows only completed (filled) trades by default—open positions go to the Positions tab (empty here since they closed everything).
- Filters: If set to “Closed” or “Recent,” it’ll show just the Oct 10 short. Try switching to “All Time” (top-right dropdown) to confirm it’s the only action.
- Sparse Data: Low-activity wallets get minimal tables—one row for the short (or split fills), no “etc.” like longs or other assets.
- On-Chain Truth: Hyperliquid’s explorer https://app.hyperliquid.xyz/explorer confirms this wallet’s history: one deposit, one short, one withdrawal. Paste the address and filter to “Trades” or “Perps” for raw proof.
Why Did They Do It This Way? (Strategy + The Spicy Bits)Why the Strategy?
- High-Conviction Short: They timed the tariff news perfectly (lucky or… insider info?). Shorts profit from price drops, and perps let them bet big without selling actual ETH (which could alert markets).
- 12x Leverage: Amplified their $30M collateral to control ~$353M in ETH. Risky (a 10% price spike to ~$4,589 would’ve wiped them out), but the crash stayed well below.
- Burner Wallet: Anonymity is king in DeFi—no KYC on Hyperliquid. A fresh address hides links to their main funds. They withdrew fast to avoid scrutiny.
- Paired Play: The ETH short paired with a BTC short (0xb317d2bc…, ~$104M profit) spread risk across majors, maximizing the crash’s impact.
Why the Suspicion? (The Controversy):
- Insider Vibes? Opening a $353M position 30 minutes before a market-moving tariff announcement is… suspiciously perfect. X posts speculate: Trump insider? Market maker like Wintermute? Polymarket bettor? No proof, but the timing’s wild.
- Why Hyperliquid? It’s DeFi—anonymous, low-fee, high-liquidity. Perfect for whales. Hyperdash caught this because it tracks top PnL; otherwise, it’d be a ghost move.
- Market Context: Total shorts on Hyperliquid hit $1.1B pre-crash. Was this whale leading a pack or riding a wave? Either way, they nailed it.
Newbie Takeaways: Don’t Try This at Home (Yet)
- Leverage Is Dangerous: 12x means a small move against you can wipe your account. Start with 1x or paper trading on Hyperliquid’s testnet.
- Use Hyperdash Smartly:
- Find Leverage: In the Trades tab, look for the “Leverage” column (12x for this trade). Expand rows for liquidation price and size.
- Check Activity: If the Positions tab is empty and Trades tab shows one short, that’s all there is. Try the leaderboard https://hyperdash.info/top-traders for busier traders with more trades.
- Verify Raw Data: Cross-check on Hyperliquid’s explorer—paste the address or TX hash for unfiltered history.
- Risk Management: Never bet more than 1-2% of your funds. Set stop-losses. Insider trades? Shady and risky—stick to fair plays.
- Learn More: Follow #Hyperliquid on X, read Hyperliquid docs, or sim trades on TradingView to practice.
This whale’s $72.3M short is a crypto legend—one clean hit, no fluff. If you’re still seeing weird data (e.g., missing tabs), share a screenshot or page details. Wanna copy this move or hunt active traders next? Let’s keep exploring!
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