A prominent hyperliquid whale has made a decisive move that caught the market’s attention. Wallet 0x94d3 sold 255 BTC worth $21.77 million in the last seven hours. The whale executed sales at an average price of $85,378, exiting spot exposure methodically rather than in a single market. This sale did not mean a reduction in risk. Instead, it marked the first step of a broader bearish strategy. Immediately after completing the sell-off, the whale reversed the directional bias and positioned aggressively lower. This sequencing usually 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 BTC spot, the wallet opened 10x leveraged short positions in both Bitcoin and Ethereum. The whale shorted 876.27 BTC, creating a notional exposure of approximately $76.3 million, with an entry price close to $87,046. In parallel, the wallet opened a short of 372.78 ETH, valued at approximately $1.1 million, with an entry of 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 10x short position leaves little room for error, indicating strong confidence in continued bearish momentum.
Market conditions align with bearish thesis
Bitcoin is currently trading near $85,450, down approximately 3% over the past 48 hours, while Ethereum is trading near $2,827, reflecting a 5% decline. This weakness followed the fading of a post-FOMC relief rally that briefly pushed BTC towards the $90,000 region. As momentum cooled, selling pressure returned. Whale timing suggests recognition of overextended conditions and a weakening of supply support. By entering short positions after the distribution, the whale positioned itself to benefit from a further pullback rather than chasing downside prematurely. This behavior usually precedes periods of greater volatility.
Liquidation Levels Add Risk to Entire Bitcoin Market
The size of the BTC short introduces systemic implications. With over $76 million in notional exposure to BTC, liquidation levels become critical. Estimates place potential liquidation pressure below the $81,000 BTC region, where adverse moves could force rapid liquidation of positions. If the price rebounds sharply, forced buybacks could accelerate bullish moves. Conversely, a continued decline strengthens the whale’s position while putting pressure on leveraged long positions across the market. Large leveraged positions rarely exist in isolation. They influence funding rates, sentiment, and short-term price behavior.
Whale activity signals broader shift in sentiment
This trade reflects more than opportunism. It signals a possible change in whale sentiment, particularly after a strong multi-week rally. Big players often reduce risk before retail recognizes trend exhaustion. Selling BTC for cash before opening leveraged shorts shows discipline. The whale removed directional exposure before increasing leverage, reducing internal conflict between positions. Markets are now watching closely to see if the price confirms this bearish thesis or punishes the leverage.
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