A crypto whale just made one of the boldest bearish moves we've seen in a while.

According to Lookonchain, address 0xbFC8cEd189F451020A0d69Cb4E5b52b0f4BC43aA (shortened as 0xbFC8 in the tweet) deposited 4 million USDC into Hyperliquid and opened a 10x leveraged short on 554,542 $HYPE — a position worth $20.15 million at the time of opening.

That's right — this trader is betting extremely hard that the price of $HYPE is going lower, and they're using serious leverage to amplify the play.

To avoid excessive slippage on such a large order, the whale split the position into multiple smaller opens, all executed roughly 2 hours before the tweet.

With 10x leverage, the actual margin required is around $2 million (the remaining 2M likely acts as a buffer against liquidation). If $HYPE drops even 5%, this position would already be sitting on $10 million in unrealized profit. But if price pumps instead, liquidation could hit fast.

Hyperliquid has become the go-to perp DEX for many meme coin traders because of its speed, deep liquidity, and early listings of the hottest tickers. The performance of its native $HYPE token is closely watched — a big short like this naturally raises eyebrows and could signal that at least one very large player believes the current price level is overextended.

You can track the address yourself here: https://hypurrscan.io/address/0xbFC8cEd189F451020A0d69Cb4E5b52b0f4BC43aA

And here's the original Lookonchain tweet: https://x.com/lookonchain/status/1993866683514319356

Whether this whale is about to print or about to get rekt, one thing is clear — when someone throws $20 million notional against a token, the entire Hyperliquid ecosystem pays attention.