One ultra-leveraged Hyperliquid trader has been liquidated five times over the weekend and has lost nearly $3.7 million in the past week with aggressive bitcoin (BTC) and ether (ETH) shorts, according to on-chain data.
Qwatio, a heavily leveraged Hyperliquid trader in the style of James Wynn, has been opening short positions on BTC and ETH when the tokens are at sessional lows.
This move is a flip from his strategy earlier this year when he traded BTC and ETH via aggressive longs.
Qwatio first got on the radar of Crypto Twitter when they opened a 50x leveraged BTC and ETH bets worth $200 million in the hours before U.S. President Donald Trump signed an executive order to create a crypto reserve – which was a broad bullish catalyst for the market.
They also were a major holder of the Melania memecoin during its initial launch earlier this year.
Overall in the last 24 hours there has been $50 million of ETH and $31 million in BTC short and liquidated across the market, according to CoinGlass data.
Read more: James Wynn, the Trader Who Bet $1B on Bitcoin, Is Now Long Pepe