Whale Closes $350M BTC Long Position on Hyperliquid With $3.6M Loss, Withdraws $31.7M

A whale address closed its entire 3,846 BTC long position worth approximately $350M on Hyperliquid with a cumulative loss of roughly $3.6M over four hours on January 8, Coinbob's popular address tracking shows. The account withdrew all remaining margin of $31.7M after exiting the trade, having previously placed buy orders targeting BTC at $93,300. The address holds 30,060 stETH valued at about $97M and has deposited $370M on Aave, and had transferred a total of $35.5M to Hyperliquid in recent days before opening the 3,846 BTC long position yesterday, which briefly became the largest BTC long on the platform.