Die-Hard Bitcoin Bear Scores $24M on Massive BTC Short

One of the most discussed users to Hyperliquid is one whale trader, which is address 0x5D2F, which held a massive bearish bet on Bitcoin over a period of over six months. The trader has been shorting BTC both in sharp rallies and deep pullbacks as well as the wider volatility that defined the 2025 crypto context. Recent information provided by Lookonchain indicates that his active position is currently among the biggest profitable shorts combined with decentralized derivatives markets.

The short position of the trader comprises 1,232 BTC which have a valuation of more than 113 million dollars, and the position is placed with a leverage of 20 times. The difference in prices has created over 24 million dollars in excess profit. In spite of the large leverage, the liquidation threshold has not yet reached 101,600 dollars, so the margin risk is not yet in the acute stage. Sustained open position demonstrates confidence in bears at a long-term level, and not speculation in the short-term.

Bitcoin Long-term Profitability

In addition to the present profitability, all-time performance of the trader demonstrates more than 51 million dollars of the distributed profit on Hyperliquid. One major part of this gains is through the fees of funds and it makes over 9.2 million dollars throughout the sustained BTC down trends. Through his account there are no long positions, which supports a strictly bearish methodology.

Bitcoin Trading History

The launch of the core short began at the beginning of May following the post-halving Bitcoin rise. The trader has since increased the size with the market upticks but without sealing out the larger position. During the month of November, unrealized profits hit briefly between 17 to 18 million dollar range before the BTC dropped to a lower point. HyperDash surveillance reveals that the trader set take-profit goals of between 89000 and 91000 dollars, which BTC had visited and recovered later in the month. This is one of the most concentrated directional trades on the platform since it is not diversified and focused on just one thing only.

Market Reaction

The update of the Lookonchain generated an immediate debate in the social media where traders were discussing whether the bear would leave immediately or keep holding until the macro events of December. As BTC dropped close to 18 or more than it was several hours earlier, with a high point of the price of the cryptocurrency at 112,000 dollars, general investor confidence is dubious as to the Federal Reserve policy and moving ETF inflows. Hyperliquid data reveals a broader trend of profitable shorts in the exchange, with whale PnL having a strong negative bias towards longs over the past few weeks of down performance.

The business is profitable yet vulnerable to any sudden BTC upsurge, which can push the prices up to surmount the important resistance levels. But the history of the trader indicates that he continues to believe in the down-sloping continuation to the 80,000-dollar area.