largest Bitcoin short position on Hyperliquid remains meaningful. The position encompasses 1,231.98 BTC at roughly 20x leverage, equating to about $105 million in notional value, with the stake currently unrealized in P&L and signaling a cautious tilt within the exchange’s derivatives book.
In addition, the unrealized PNL stands near $31.8 million, with an average entry price close to $11,150 per BTC. This snapshot underscores the high-stakes dynamics of leveraged BTC bets, offering a measure of institutional sentiment and potential near-term liquidity implications for Hyperliquid’s futures liquidity and market participants monitoring BTC derivatives risk.