blockchainreporter.net
- Whale gains $4M+ from $BTC and $SOL shorts via high-leverage trading on DeFi protocols.
- $SOL short exit in progress after $1.77M profit and $121K in funding earned.
- $ETH short lags with $141K loss despite funding gains, showing mixed strategy results.
A high-stakes crypto trader has recorded millions in profits from strong short positions across Solana ($SOL), Bitcoin ($BTC), and Ethereum ($ETH). On-chain activity reveals fast-paced trading behavior on decentralized protocols.
The wallet, labeled 0x5b5d5120…F298C060, maintains a leveraged trading strategy totaling $57.66 million in notional value, exclusively allocated to perpetual contracts on the Hyperliquid and HIP-2 protocols. No funds are currently allocated to spot assets, staking, or vaults, reinforcing the account’s singular focus on derivatives.
As the market pulls back, this whale who shorted $BTC, $ETH and $SOL has turned losses into profits again.
— Lookonchain (@lookonchain) May 15, 2025
He's now up $2.17M on $BTC and $1.77M on $SOL, with a remaining $141K loss on $ETH.
He just started closing his $SOL short to take profits.https://t.co/7kv7R4NzEk pic.twitter.com/JtR8VfEzJJ
Data from the HIP-2 protocol highlights a series of rapid trades executed on the $SOL-USD pair. In a time span slightly exceeding 100 seconds, the wallet performed multiple short trades, each ranging from 44.79 to 58.66 $SOL. The trades, valued between $9,993 and $9,999, were opened and closed almost instantly, reflecting a consistent trading volume at a token price of approximately $170.80.
These short bursts of activity point to algorithm-driven trading or execution testing aimed at capturing narrow price fluctuations. The repetitive nature of the trades, involving the same asset and similar volumes, suggests a coordinated pattern rather than random behavior. The HIP-2 data confirms that the wallet has not engaged with other trading products, such as staking or vault participation.
$SOL Short Now Being Closed for Gains
The whale has begun exiting the $SOL short position, indicating a move to secure profits. The original short totaled -357,433 $SOL at an average entry of $175.13. With $SOL now trading at $170.18, the unrealized profit is roughly $1.77 million. The trade has also earned $121,731 in funding rewards.
The recent flurry of activity observed on HIP-2, consisting of nearly identical open-close sequences, shows the process of unwinding the short. This likely reflects a strategic withdrawal from the position after hitting favorable profit margins, rather than a broader shift in the trader’s market stance.
The largest short position held by the trader is in Bitcoin, where the notional value reaches $113.84 million. The wallet shorted -1,119.17 $BTC at an average of $103,665.30. With Bitcoin’s current price now at $101,721, the trader has booked an unrealized profit of $2.17 million. In addition, the $BTC position has accumulated $205,760 in funding income.
Unlike $SOL and $BTC, the Ethereum position remains in a slight loss. The wallet shorted -25,530 $ETH at $2,522.26. At current market prices of $2,527.80, the position shows a $141,283 unrealized loss. And despite all this, the $ETH short has gathered $ 95,561 in funds, to a certain extent making up for the price gap.
The wallet’s action on these three assets shows a strategic, leveraged bet with the aim at decentralized perpetual markets. With 5x cross leverage, risk and potential reward are amplified, hinting at high-conviction in regards to contemporary market trends.