A prominent cryptocurrency whale identified as 0x8def has liquidated approximately $26 million in trading profits over the past week, with losses concentrated in a massively leveraged short position on HYPE that has eroded gains by more than half. According to on-chain data, the trader's cumulative profit across all positions peaked at $40 million on May 13 but has since collapsed to $14.3 million—a 64 percent decline in profitability.
The primary culprit is a $110 million short position in HYPE token using 5x leverage, entered at an average price of $45.2 with liquidation at $68.7. This bet against the token has proven disastrously wrong as HYPE's price action forced the position deep underwater. The whale maintains several other leveraged bets across different assets: a $2.15 million long on LIT at 3x leverage, a $745,000 short on XYZ100 at 20x leverage, a $510,600 long on TON at 5x leverage, and a $425,900 short on TSLA at 10x leverage.
The XYZ100 and TSLA shorts present acute liquidation risks given their extreme leverage ratios. The XYZ100 position requires only a move to $230,749 to trigger forced closure, while the TSLA short faces liquidation at $5,273—a significantly tighter margin relative to the entry point of $425.1. The trader's deteriorating equity cushion suggests additional positions may face forced liquidation if market volatility persists, amplifying losses across the portfolio.