Whale Trader Wipes Out $27.88M Profit Amid Major BTC Long Position Losses

• Trader loses $27.88M profit in 4 days after closing major BTC long positions on Hyperliquid.
• HYPE token drops 5.48% despite 33.49% surge in daily trading volume to $439.35 million.
• Wallet “0xC28F” closes all leveraged trades, leaving only $166.53 in spot holdings.

A high-volume trader on Hyperliquid lost the entirety of a $27.88 million profit in just four days, closing with a net loss of over $105,000 after multiple failed Bitcoin long positions. The series of trades, executed from May 26 to May 30, resulted in one of the platform’s recorded reversals within a short time frame.

The most major hit occurred on May 30 at 8:58 AM, when the trader, identified by wallet address “0xC28F…e740,” closed a 2,142.76 BTC long position. The exit price for this trade was $104,358.08 per BTC, with the transaction realizing a loss of $10,394,350.23. In addition to the principal loss, the position incurred a trading fee of 43,828.41 USDC.

Two smaller trades on the same day also contributed to the decline. At $106,054.16 and $106,018.49 per BTC, respectively, both positions involved 100 BTC each and ended in realized losses of $315,483.81 and $319,051.21. These three trades alone erased a large portion of the trader’s previously accumulated profit, underscoring the potential downside risk in using high leverage during volatile periods.

Profit Peak Reverses Into Full Account Drawdown

Just four days earlier, on May 26, the same trader had reached a profit peak of $27.88 million. However, following prolonged exposure to Bitcoin led to rapid losses. By the time all positions were closed, the cumulative profit and loss dropped to a negative $105,614.49.

The trader’s equity has now been completely wiped out on the platform. Account data shows the total value remaining is just $166.53, held entirely in spot positions. No open leverage or margin activity remains, according to the latest platform update.

HYPE Token Falls Despite Trading Surge

While the large account liquidation caught attention, Hyperliquid’s native token, HYPE, also experienced a 5.48% price decline within the same 24-hour period. The token’s value dropped to $32.62 after peaking earlier near $34.78.

Despite the price drop, trading volume rose by 33.49%, reaching $439.35 million. Market capitalization now stands at $10.89 billion, placing the token among the top 15 by market value. The fully diluted valuation is reported at $32.64 billion, with 333.92 million HYPE tokens currently in circulation out of a capped supply nearing 1 billion.