Trader Loses $7.19 Million Short Position on S&P 500 as Market Rises
An anonymous trader with the wallet address 0x3bca lost a $7.19 million short position on the S&P 500 after it was liquidated by Hyperliquid, a decentralized exchange for perpetual contracts. The loss occurred when the broader market rebounded unexpectedly, moving against their bet that prices would fall. The trader's portfolio at the time included exposure to multiple assets such as XYZ100, BTC, and gold. Onchain data from Hypurrscan revealed rapid trading activity around the liquidation event, including closing long positions on Robinhood stock (HOOD) and opening new ones in Bitcoin. The incident highlights risks for leveraged traders during volatile market conditions. This wipeout is part of a broader trend where nearly 100,000 traders were liquidated across crypto markets earlier this week following the failure of the CLARITY Act's Senate cloture vote.
Tickers: $HOOD
Topics: Hyperliquid onchain data S&P 500 short-selling trading