Key Takeaways
A trader banked $4.6M on HYPE, ZEC, and ETH longs before opening a $74.84M bitcoin short on Hyperliquid.The 990 BTC short position has already accumulated $783,000 in unrealized profits at the time of reporting.The bearish flip adds to broader smart-money signals that bitcoin’s near-term downside may not be exhausted.
The Flip: From Bull to Bear
Evaded exited long positions in HYPE, ZEC, and ETH, locking in a combined $4.6 million in profits. HYPE is the native token of decentralized derivatives platform Hyperliquid, while ZEC is the ticker for privacy-focused cryptocurrency Zcash.
The move came after a strong run for both assets, with Bitcoin.com News recently reporting that Hyperliquid wiped out $36.5 million in short positions as HYPE climbed within cents of its all-time high. Another investigation revealed that Evaded had banked $7.5 million this week across ZEC and HYPE long trades (all within a period of 96 hours).
After banking those gains, the trader proceeded to open a 990 BTC short position on Hyperliquid, valued at approximately $74.84 million at entry. The position was already generating $783,000 in unrealized profit at the time Lookonchain flagged it, a sign that bitcoin’s price continued moving in the trade’s direction after the short was placed.
The size of the short rules out any casual retail interpretation since a $74.84 million directional short on bitcoin represents a high-conviction bet, and Evaded is a closely followed onchain account whose trades regularly draw attention from other market participants.
What the Market Is Saying
Bitcoin’s price has been under considerable pressure, hovering below $75,00 as $209 million in long liquidations hit the market in a single session. The broader data picture supports this bearish tilt as spot bitcoin exchange-traded funds (ETFs) in the U.S. have now logged six consecutive days of outflows totaling over $1.26 billion.
Open interest in bitcoin futures has also declined by an estimated $1.5 billion over a similar period, suggesting that leveraged long positions are being systematically unwound.
Whether Evaded’s short proves prescient will depend heavily on macro triggers, especially as the market closely follows Federal Reserve Chair Kevin Warsh, whose hawkish rate signals have added headwinds to risk assets, including bitcoin. Until those signals shift, the near-term weight of evidence appears to favor continued selling pressure.
