Whale Flips Bearish After Selling $21M Bitcoin and Opening Massive 10× Shorts

A prominent Hyperliquid whale has made a decisive move that caught the market’s attention. The wallet 0x94d3 sold 255 BTC worth $21.77 million over the past seven hours. The whale executed the sales at an average price of $85,378, exiting spot exposure methodically rather than in a single market dump. This sale did not signal risk reduction. Instead, it marked the first step of a broader bearish strategy. Immediately after completing the sell-off, the whale flipped directional bias and positioned aggressively for downside. Such sequencing often reflects planning rather than reaction. The whale clearly prepared to capitalize on anticipated weakness.

Whale Opens High-Leverage Shorts on Bitcoin and Ethereum

After exiting spot BTC, the wallet opened 10× leveraged short positions across both Bitcoin and Ethereum. The whale shorted 876.27 BTC, creating a notional exposure of approximately $76.3 million, with an entry price near $87,046. In parallel, the wallet opened a 372.78 ETH short, valued at roughly $1.1 million, with an entry around $2,917. This dual-asset short setup reinforces a broader bearish outlook on major crypto assets rather than an isolated BTC bet. High leverage amplifies both conviction and risk. A 10× short leaves little margin for error, signaling strong confidence in continued downside momentum.

Market Conditions Align With the Bearish Thesis

Bitcoin currently trades near $85,450, down roughly 3% over the last 48 hours, while Ethereum sits near $2,827, reflecting a 5% pullback. This weakness followed the fading of a post-FOMC relief rally that briefly pushed BTC toward the $90,000 region. As momentum cooled, selling pressure returned. The whale’s timing suggests recognition of overextended conditions and weakening bid support. By entering shorts after distribution, the whale positioned to benefit from further retracement rather than chasing downside prematurely. This behavior often precedes periods of increased volatility.

Liquidation Levels Add BitcoinMarket-Wide Risk

The size of the BTC short introduces systemic implications. With over $76 million in BTC notional exposure, liquidation levels become critical. Estimates place potential liquidation pressure below the $81,000 BTC region, where adverse moves could force rapid position unwinding. If price rebounds sharply, forced buybacks could accelerate upside moves. Conversely, continued downside strengthens the whale’s position while pressuring leveraged longs across the market. Large leveraged positions rarely exist in isolation. They influence funding rates, sentiment, and short-term price behavior.

Whale Activity Signals Broader Sentiment Shift

This trade reflects more than opportunism. It signals a potential shift in whale sentiment, particularly after a strong multi-week rally. Large players often reduce risk before retail recognizes trend exhaustion. Selling spot BTC before opening leveraged shorts demonstrates discipline. The whale removed directional exposure before increasing leverage, reducing internal conflict between positions. Markets now watch closely to see whether price confirms this bearish thesis or punishes the leverage.