An ether
According to data from Lookonchain, wallet address 0xCB92 opened a 50,000 ETH short position on Hyperliquid, which at one point showed an unrealized profit of over $26 million.
But rather than closing the transaction, the trader held on — even adding another 10,000 ETH to the short position even as the price rose. A short position is, in effect, a bet the price will fall. If it rises, the trader loses out.
The decision turned out to be costly. As ETH surged, the position was stopped out, and Lookonchain reported the trader realized a loss of $716,000 as of Thursday.
Unbelievable! From a profit of over $26M to a $716K loss. 😱
Smart trader 0xCB92 watched his 50K $ETH short position climb to over $26M in unrealized gains, but never closed.
As $ETH surged, his position hit stop-loss, leaving him with a $716K loss.https://t.co/R0sXsLWQCV pic.twitter.com/Z1XdEUnp6L
— Lookonchain (@lookonchain) July 10, 2025
The position might have been a hedge against a long position as part of a broader strategy, though the tracked wallet held only a short position.
The moves are reminiscent of infamous trader ‘James Wynn,’ whose on-chain antics drew eyes to Hyperliquid among mainstream circles.
In May, Wynn built a record-setting $1.25 billion notional long position in bitcoin
at an average price of $108,243, only to see it collapse as the fell below $105,000 after U.S. President Donald Trump’s tariff announcement on EU exports.
Multiple liquidations, including a 527 BTC position worth over $55 million and a 421 BTC position worth nearly $44 million, wiped out more than $100 million of Wynn’s holdings over a few days, leaving many wondering if they were witnessing a full-blown gambling addiction.
Wynn has since not opened any trades similar to his May one. Wallet 0xCB92 may be the one stepping up to take the baton.
