- BearWhale’s $520M Bitcoin short was risky but profitable, netting up to $9M before closing all positions amid market volatility.
- On-chain sleuth ZachXBT claims the Hyperliquid whale is a cybercriminal, but dismisses links to North Korea’s Lazarus Group.
- Bitcoin’s bullish momentum strengthens as it breaks key levels, with analysts eyeing $100K if the uptrend continues.
The notorious BearWhale has ramped up its Bitcoin short position on Hyperliquid, increasing its bet from $400 million to $520 million. This aggressive move puts its liquidation price at $85,565, dangerously close to being wiped out.
The timing of this massive short comes as Bitcoin struggles to maintain stability above the $81,000-$84,000 range. Recently, BTC recovered from a drop to $78,000, but the overall crypto market remains stagnant, with investor sentiment still in the “Fear” zone.
BearWhale’s Risky Play and Sudden Exit
Despite the high-stakes gamble, the infamous “50x leverage whale” has closed all Bitcoin short positions, according to data from SpotOnChain. However, this exit was far from a loss. In just three days, the trader pocketed over $4 million in profits.
Another report from a group led by pseudonymous trader Cbb0fe suggests that the whale made around $9 million in total profits. They admitted that while they might have lost the battle, they thoroughly enjoyed the high-stakes ride.
On-chain investigator ZachXBT added an unexpected twist, revealing that the so-called “Hyperliquid whale” is actually a cybercriminal gambling with stolen funds. While some speculated about a link to the North Korean hacker unit Lazarus Group, ZachXBT ruled out any such connection. He also expressed frustration over posting investigations on social media, stating that it no longer brings any satisfaction.
Bitcoin’s Price Movement Signals Bullish Momentum
Meanwhile, Bitcoin’s price action suggests a strong bullish trend. According to crypto analyst Egrag Crypto, BTC is following a corrective phase before a potential breakout. The market consolidated for 231 days, from January 20, 2025, to June 2, 2025, fluctuating between $69,133 and $71,500.
A crucial support level of $69,500 provided a foundation for Bitcoin’s rally. The breakout pushed BTC past $83,296, reinforcing bullish momentum. Analysts predict Bitcoin could reach a long-term target of $100,980 if the trend continues. The white moving average band indicates a support zone, further strengthening the case for continued upward movement.
As Bitcoin’s price inches toward six figures, all eyes remain on the next move. Whether BTC hits $100,000 or faces another correction, the market remains on high alert.
