Hyperliquid trader earns $84M shorting Ethereum with high leverage
Crypto Briefing
A trader named ETHMegaBear made $84 million in unrealized profits by shorting Ethereum on Hyperliquid using high leverage.Summary
A trader known as “ETHMegaBear” has amassed approximately $84 million in unrealized profits by shorting Ethereum on the decentralized exchange Hyperliquid, as reported by Lookonchain. The trader began shorting ETH on Hyperliquid in 2024, consistently utilizing maximum leverage, initially 50x and now 25x. Currently, ETHMegaBear holds a short position of 30,582 ETH, valued at around $88.9 million. These profits increased as Ethereum’s price declined from above $2,900 to approximately $2,800 during a broader market downturn on January 29, 2026, which also saw Bitcoin fall below $85,000 and $360 million in leveraged positions liquidated.
(Source：Crypto Briefing)