Bitcoin‘s sharp sell-off over the past four days has ruined nearly everyone but one investors who bet against the cryptocurrency is making millions of dollars in one trade after another.
The digital assets market came under stress as risk appetite deteriorated, triggering a multiday decline that had Bitcoin crashing below to its lowest level since September 2024 on June 25.
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Amid the market downturn, a newly created wallet deposited 6.68 million USDC into Hyperliquid and opened a series of 20-times leveraged short positions against Bitcoin, Ethereum (ETH) and Solana (SOL), according to blockchain analytics platform Lookonchain.
During the same period, Ethereum and other major cryptocurrencies also posted steep losses as market sentiment deteriorated and liquidations surged across derivatives markets.
The trader closed these positions on June 26 for a combined profit of $4.4 million.
Hyperliquid trading records show the whale earned approximately $2.15 million on Bitcoin, $1.18 million on Ethereum and $1.07 million on Solana shorts.
Rather than taking profits and stepping aside, the trader immediately returned with another large bearish bet.
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Whale reopens 20x Bitcoin and Ethereum shorts
Data from Hyperliquid shows the wallet reopened fresh 20-times leveraged short positions worth $70 million.
The new positions include a 912.9 BTC short worth $54.5 million and a 10,025 ETH short worth $15.6 million.
The positions were opened at average prices of $59,136.80 for Bitcoin and $1,532.42 for Ether, according to data.
The new positions, however, were slightly underwater at the time of writing, with unrealized losses of more than $927,700 on Bitcoin and $473,000 on Ethereum as prices moved above the trader’s entry levels.
At the time of writing, Bitcoin traded at $59,751, up about 0.7% from the trader’s average short entry price, while Ethereum changed hands at $1,561, up roughly 1.9% from its entry level.
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This story was originally published by TheStreet on Jun 26, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.