Trader

Bitcoin

Four

Hyperliquid

Pseudonymous onchain trader Evaded closed all long positions across <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a>, <a href="https://x.com/search?q=%24ZEC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ZEC</a>, and <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a> for a combined $4.6 million profit, then immediately opened a 990-bitcoin short position worth $74.84 million on <a href="https://x.com/HyperliquidX" rel="noopener noreferrer nofollow">@HyperliquidX</a>.
The short was already generating $783,000 in unrealized profit when it was flagged by on-chain trackers, a sign that bitcoin's price continued moving in the trade's favor after the position was placed. The momentum did not last. <a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a> reversed, and the short was force-liquidated for a $320,000 loss.
On-chain records show Evaded had realized about $7.5 million in gains across <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a> and <a href="https://x.com/search?q=%24ZEC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ZEC</a> within a 96-hour period earlier in the week. His long on 36,875 ZEC, valued at $24.15 million, and a concurrent long on 287,618 HYPE, valued at $20.94 million, had both moved sharply in his favor as both tokens surged.
The ZEC leg caught a significant tailwind after the U.S. Securities and Exchange Commission closed its investigation into the Zcash Foundation without recommending enforcement action, pushing ZEC's monthly returns past 100% and erasing all of its year-to-date losses in a single session. The HYPE leg rode an equally powerful trend, with Hyperliquid's native token hitting an all-time high near $63 on May 21, lifted by the May 12 launch of a Bitwise HYPE exchange-traded fund and by sustained accumulation from wallets linked to venture capital firm a16z.
<h2 id="from-big-winner-to-forced-exit">From Big Winner to Forced Exit</h2>
After the <a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a> short was liquidated, Evaded moved quickly. He reopened a 53,500 ZEC long, signalling continued conviction in the privacy token despite the setback on bitcoin.
The size of the original short rules out any casual retail interpretation. A $74.84 million directional bet on bitcoin represents a high-conviction trade, and Evaded is a closely followed on-chain account whose positions regularly draw attention from other market participants.
<h2 id="hyperliquid-the-stage-for-whale-activity">Hyperliquid: The Stage for Whale Activity</h2>
The episode is the latest in a string of high-profile liquidations on <a href="https://x.com/HyperliquidX" rel="noopener noreferrer nofollow">@HyperliquidX</a>. Hyperliquid is a decentralized exchange built on its own layer-1 blockchain, purpose-built for perpetual futures trading. The platform has become the dominant venue for high-leverage on-chain bets, processing cumulative volume in the trillions as of 2026, and operates without the identity requirements of centralized exchanges.
As of early 2026, Hyperliquid commands over 70% of open interest in decentralized perpetuals, according to Artemis. That dominance makes it the natural arena for traders like Evaded, where both gains and losses play out transparently on-chain for the entire market to watch.
Sources: <a href="https://news.bitcoin.com/trader-evaded-closes-4-6m-hype-zec-eth-longs-opens-74m-bitcoin-short/" rel="noopener noreferrer nofollow">Bitcoin.com News: Trader Books $4.6M Profit on HYPE, ZEC, and ETH Longs Then Opens a $74.84M Bitcoin Short</a> <a href="https://news.bitcoin.com/hyperliquid-trader-evaded-zec-hype-eth-long-25x-2026/" rel="noopener noreferrer nofollow">Bitcoin.com News: Trader Banks $7.5M in Four Days on ZEC and HYPE Longs</a> <a href="https://coinmarketcap.com/currencies/hyperliquid/" rel="noopener noreferrer nofollow">CoinMarketCap: Hyperliquid (HYPE) Overview</a>

The whale who made $4.6M on alts last week just got liquidated shorting Bitcoin

Table of Contents

BSCN

Other articles published on May 25, 2026

Join our free newsletter for daily crypto updates!