Whale opens $44M ETH short; Hyperliquid traders buy $9.1M

A single wallet opened a 21,948 ETH short position at 10x isolated leverage, with the position entered near $2,004 and a reported liquidation price of $2,339.76. On-chain trackers identified the short shortly after Strategy disclosed it had sold Bitcoin.

Hours later a different wallet that accumulated about 5,003 ETH near $1,999 across March and April transferred roughly 5,000 ETH into Kraken as the market price approached $1,960. A full sale at that level would realize a loss of roughly $200,000 for that holder.

Aggregate supply data from Santiment shows ETH held by non-exchange whales declined from 125.02 million ETH on June 1 to 124.98 million ETH on June 2. Perpetual contract liquidation maps from Coinglass show about $1.82 billion in cumulative short liquidation leverage stacked above current prices, compared with roughly $781.93 million on the long side. Approximately $523.96 million in long leverage sits near the $1,930 price band.

Flow data tracked by Hyperliquid recorded net buying of about $9.10 million into Ethereum over the same window that Strategy’s Bitcoin sale coincided with an estimated $15.61 million of net selling into Bitcoin. The net-buy figure for ETH came in after the Bitcoin disclosure.

The 21,948 ETH short carries a liquidation level at $2,339.76; if ETH trades above that level the position would be subject to liquidation mechanics. Likewise, existing long leverage clustered around $1,930 would be affected if prices move below that band.

At the time of reporting, on-chain and derivatives data show large short positions and exchange deposits on one side and net buying tracked by Hyperliquid on the other. Market prices remained volatile as traders responded to the Bitcoin sale and the resulting on-chain flows.