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- A Hyperliquid wallet identified as “pension-usdt.eth” suffered a nearly $24 million loss after its 50,000 ETH short was liquidated during Ether’s sharp rally, with the position unwound through five separate orders.
- The trader had kept the short open for more than two months before Thursday’s broad crypto surge forced the position to close.
- The address had previously been one of the market’s more successful crypto short sellers, accumulating about $49 million in profits from bearish trades.
- Its earlier gains included nearly $6 million from a 60,000 ETH short closed in June, $3.6 million from a 1,400 BTC short that same month and another $1.7 million from a Bitcoin short opened in March.
- The latest liquidation erased approximately half of those accumulated profits. Hyperliquid records show the entire position was unwound in just 12 seconds, between 04:51:03 and 04:51:15.
- The liquidation began with 9,989 ETH sold at $2,193, followed by 20,698 ETH at $2,209, 15,830 ETH at $2,214 and 1,871 ETH at $2,236.
- The remaining 1,417 ETH failed to attract buyers, forcing Hyperliquid to take the position into its own liquidity fund.
- Ether jumped $43 during the brief liquidation period. The trader’s forced buying helped amplify the move, while the rising ETH price increased the cost of closing each remaining portion of the short.
- The position had been active for 1,445 hours, or slightly over two months, through a period when Bitcoin largely remained below $65,000 and bearish bets appeared relatively safe.
- That changed after Wednesday’s Treasury bond-buyback announcement. Ether subsequently surged 18% in 24 hours, while Bitcoin climbed from approximately $64,000 to nearly $70,000.
- Hyperliquid’s leaderboard shows the wallet under the name “Penision Fund.” After the liquidation, it had just $35.61 remaining and was down 100% over the previous 30 days, with $16.48 million in losses against $111.76 million in trading volume.
- The wallet was not the largest individual casualty of the rally. That distinction went to a $48.8 million Bitcoin position, also traded on Hyperliquid.
- Across the crypto market, roughly $2.74 billion in short positions were liquidated within 24 hours, producing the largest short-covering wave in records dating back to 2021.
