Whale is "Hunted" For Shorting $524M in BTC on Hyperliquid

GM. One whale’s $524M Bitcoin short with 40x leverage on Hyperliquid has sparked a trader-led hunt to liquidate the position, with BTC price action hanging in the balance.

Meanwhile, Solana futures debuted on CME, Standard Chartered slashed its Ethereum price target, and OKX halted its DEX aggregator over security threats.

Markets are heating up, here’s what to expect. 👇

A Whale is "Hunted" For Shorting $524M in BTC on Hyperliquid

A whale trader on Hyperliquid opened a 40x leverage short position worth $524 million, betting on Bitcoin’s decline ahead of the March 19 FOMC meeting. The position, entered at $84,043, risks liquidation if BTC rises above 85,565$, while the trader has already secured over $2.8 million in unrealized profits.

The massive trade drew public backlash, with crypto figure CBB rallying traders, to drive Bitcoin’s price higher and liquidate the position. “If you are willing to hunt this dude with size, drop a DM,” CBB wrote on X, claiming that their group’s funds had already exceeded eight figures.

Traders successfully pushed BTC from $83,183 to over $84,690, forcing the whale to deposit $5 million in USDC to avoid liquidation. Analysts suspect the whale may be employing a dual-exchange strategy, shorting on Hyperliquid while going long on a centralized exchange.

Despite the market pressure, the whale continues to add collateral, keeping the position open. Hyperliquid’s official account acknowledged the event, stating, “When a whale shorts $450M+ BTC and wants a public audience, it’s only possible on Hyperliquid.”

SOL Futures Launch on CME on Solana's 5th Anniversary

CME Group launched Solana futures on March 17, marking an important milestone for the asset on its 5-year anniversary. The exchange now offers two contract sizes: micro contracts covering 25 SOL and larger contracts covering 500 SOL. Market analysts believe the launch brings Solana ETFs closer to approval, with at least 13 ETF applications awaiting SEC review.

Solana’s classification by the SEC remains a key hurdle, as labeling it security could delay ETF approvals. Crypto-friendly SEC nominee Paul Atkins has yet to be confirmed, and progress on altcoin ETFs is stalling. Bloomberg analysts estimate a 70% chance of Solana ETFs being approved by year-end, as investor demand for regulated exposure to altcoins increases.

Standard Chartered Cuts Ethereum 2025 Price Target to $4,000

Standard Chartered slashed its Ethereum price target for 2025 from $10,000 to $4,000, citing declining market dominance. Analysts say Ethereum’s Layer 2 networks, particularly Base, have shifted transaction fees away from the main chain, reducing Ethereum’s market cap by $50 billion. This adjustment follows a stagnant start to the year amid wider financial uncertainty.

The bank’s digital asset research head, Geoffrey Kendrick, suggested taxing Layer 2 super-profits, similar to government taxation on foreign-owned mining firms. Without intervention, he believes Ethereum will continue losing ground to Bitcoin. Meanwhile, Standard Chartered remains bullish on BTC, maintaining its $500,000 target by 2029, fueled by institutional adoption and a potential Bitcoin crypto reserve.

OKX Halts DEX Aggregator Over Security Concerns

OKX temporarily suspended its decentralized exchange (DEX) aggregator, citing security risks and attempted exploits. The company claims North Korea’s Lazarus Group tried to misuse its DeFi services, prompting the pause to further improve blockchain transaction tracking. OKX also reported an increase in competitive attacks, which it says are attempts to discredit its platform.

The decision follows reports that $100 million from the Bybit hack flowed through OKX’s Web3 services. OKX denies wrongdoing and insists it has implemented measures to block hacker transactions. European regulators are now scrutinizing OKX’s compliance with MiCA rules, while the exchange faces growing pressure over its security practices.

Data of the Day

Global crypto funds have suffered five straight weeks of outflows, totaling $6.4 billion, the worst streak on record. Last week alone, investors pulled $1.7 billion, with US-based funds leading the exodus at $1.16 billion. Analysts blame the outflows on Bitcoin’s price stagnation and investors reallocating funds away from digital assets.

Bitcoin remains flat at $83,558, struggling to break resistance near $85,000–$90,000, despite talk of a US Bitcoin reserve. Switzerland saw $527 million in outflows, while funds in Germany, Brazil, and Hong Kong reported modest inflows. With ETF interest shifting toward altcoins, Bitcoin ETFs now face increasing competition for institutional capital.

Crypto Investment Funds Log $6.4B in Outflows, Worst Streak on Record

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Written by 

Jed Barker

Editor-in-Chief

Jed, a digital asset analyst since 2015, founded Datawallet to simplify crypto and decentralized finance. His background includes research roles in leading publications and a venture firm, reflecting his commitment to making complex financial concepts accessible.