Notable Bitcoin (BTC) whales have grouped together to hunt down a massive $430 million short position on Hyperliquid (HYPE) this weekend. The account of a supposedly insider trader, self-proclaimed ‘Tether FUD’, is now Bitcoin’s most famous target in the market.
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Hyperliquid is a decentralized exchange (DEX) platform with spot and perpetual markets. The protocol allows traders to make bids (buy orders) and puts (sell orders) in a public and permissionless order book. Additionally, traders can also open leveraged long and short positions, and monitor other traders’ open interest in real time.
This is the case with the wallet address ‘0xf3f496c9486be5924a93d67e98298733bb47057c’, which, according to Ericonomic, changed its alias to ‘Tether FUD’. Finbold retrieved data from Coinglass this morning, showing a 40x leverage with a nominal value of $431.26 million.
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At current prices, this position is at $2.12 million profit, trading below the $83,914 entry price. However, there is already near $380,000 of ongoing expenses with the funding fee and current liquidation at $86,077.
Bitcoin whales hunting down the ‘Tether FUD’ HL insider’s BTC short position
Bitcoin whales are aggressively targeting a short position held by an enigmatic trader dubbed “Tether FUD.” This self-aliased figure, identified as an HL insider, has sparked intrigue across the crypto community.
Known whales, including prominent trader Cbb0fe, lead the charge to liquidate this mysterious player. Alongside Cbb0fe, veteran investors Anniihoo and Dtf13 have joined the hunt, pooling their resources, according to talks on X. Justin Sun, creator of Tron (TRX) has so shown interest in sending Bitcoin price upwards to hunt the short position.
Public data reveals these whales aim to destabilize the insider’s position on the Hyperliquid platform. Speculation swirls around the “Tether FUD” message and his potential motives as a potential “HL insider.”
Some theorists suggest he possesses unreleased information about Tether’s USDT stablecoin stability. Others argue he’s a former exchange employee leveraging internal knowledge to manipulate markets.
Yet, no concrete evidence supports these claims beyond his chosen alias. Instead, his moniker hints at a deliberate nod to past controversies surrounding Tether’s reserves. Meanwhile, the crypto market watches closely as whales escalate their efforts against “Tether FUD.” Public sentiment on X reflects growing curiosity about his identity and strategy.
Nevertheless, details remain scarce, leaving room for conjecture among analysts and traders. For now, the hunt continues, fueled by the whales’ determination to unmask this mysterious figure.
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