2025-12-24 13:29:05

Recently, there has been a prominent figure on the blockchain, nicknamed "20 Million Wave Hunter." His trading activity has attracted a lot of attention. Since October, this trader has used $20 million of principal, with accumulated unrealized profits exceeding $104 million. What does this mean? In less than three months, the capital has increased by 52 times.

His trading style is quick in and out, with an average holding period of about 20 hours. Recently, his main bets have been on Ethereum shorts and HYPE shorts. The short positions in these two assets account for over 98%, making them the largest short positions on the Hyperliquid platform.

News has spread, and many retail investors can’t sit still. Large funds heavily shorting—does that mean a big drop is coming? Should they also open a short position to follow? Don’t rush; let’s analyze rationally.

Whale positions indeed reflect large funds’ short-term trend judgments. Betting such big amounts against ETH and HYPE suggests traders expect these two assets to face strong selling pressure or technical adjustments. But this does not determine the market’s final direction. On-chain data is just a reference, not an iron law—this big account’s short positions also have liquidation prices. If the market reverses and breaks through, they may be forced to close their positions, which could even push the price higher.

The most important reminder for retail investors is: never blindly follow the trend and open a short. The risk tolerance, position management, and capacity of large funds are completely different from small investors. You may not be able to withstand the volatility they can handle.

Practical advice: if you currently hold ETH or HYPE, set your stop-loss now to avoid being shaken out by short-term fluctuations; if you haven’t entered the market yet, wait a bit longer, check the liquidation charts and overall market sentiment, and avoid chasing highs or selling lows in a hurry. Market conditions change rapidly—sticking to your position discipline and risk management is often more reliable than following others’ trades.

ETH-0.78%

HYPE1.67%

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ForkYouPayMe

· 8h ago

52x... This guy is not human, how dare he play like this Don't just follow the whale's short positions; once the liquidation price is triggered, it will surge in the opposite direction immediately, and you'll be crying before you know it Have you set your stop-loss properly, everyone? Don't get washed out To put it simply, don't gamble; sticking to your discipline is the safest.

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GasFeeTherapist

· 8h ago

52x? Oh my god, this guy is really something. Luckily, I didn't follow the trend, or I would have been liquidated ten times by now.

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HappyToBeDumped

· 8h ago

52x, should I consider retiring early? --- This guy is really outrageous, I need to think about how much I’ve earned in a few months... --- 98% short position? How confident does he have to be? I’m afraid I won’t sleep well --- It’s that time again to follow the trend, every time it cuts me like this --- That’s right, don’t blindly follow. I’ve already lost once --- Big players can hold on, but I can’t. That sounds really uncomfortable --- Two heavy short positions? Feels like something’s going to happen --- I must remember to set my stop-loss properly --- Hitting 52x is incredible. Why can’t I encounter such a market? --- Once the liquidation price hits, this guy will also get margin called. Don’t get your hopes up --- Retail investors should just play it safe and stick to the rules, don’t try to overtake on curves --- If this wave breaks in the opposite direction, short traders’ blood will flow like a river --- Knowing risk management and not knowing it are two different worlds, it’s heartbreaking

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GasWaster

· 8h ago

52x? This guy is really ruthless. I'll just watch and not follow the trend. --- Here comes another "I also want to copy his order" moment. It happens every time. Retail investors are always the easiest to be harvested. --- 98% short positions... How much confidence does that require? I really can't keep this mindset. --- Don't fool me. Has this guy been liquidated? Breaking through in the opposite direction is really risky. --- Exactly, risk tolerance is a completely different world. I should keep my money conservative. --- 20 million multiplied by 52 times. Just want to ask, how did his heart grow? --- Wow, a round trip in 20 hours. That's the difference between professionals and retail investors. --- Sounds exciting, but I’ll just set a stop-loss and stop trading. --- If big players dare to do this, I dare even less. I choose to observe this wave. --- Making 52 times the capital sounds great, but the moment of liquidation is also quite scary.

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FUDwatcher

· 8h ago

52x leverage? Bro, you must be using leverage, otherwise how could it be so outrageous? Following the trend with a short? I wouldn't dare, afraid of being swept by big players. Retail investors should just set their stop-losses properly, don't think about getting rich overnight. If this guy gets liquidated, the coin price will skyrocket, and it'll be too late to regret. Money management is always more important than betting on the right direction; this time, it's a lesson learned. Seeing 98% shorts, I just want to laugh; this is a gamble. Wait and see the liquidation line; there's too much water here. ETH is being targeted again, really fed up with this feeling of manipulation by big players. Don't follow, really don't follow, this is playing with fire. 51x profit sounds great, but what about the risk? Who dares to bet they have the same ability?

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BoredRiceBall

· 8h ago

52x... Damn, this guy is really playing with fire The retail traders following the short trend are probably going to be taught a lesson this time Once the big players' liquidation price is triggered, a reverse surge occurs, and your short position becomes a toll booth It's still important to stick to your stop-loss and avoid being washed out—that's the real deal

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PuzzledScholar

· 8h ago

52x? This guy is making a killing. I can't even catch up to his leftovers. Such big traders can cause a reverse surge with just one liquidation. Don't blindly go short. Watching his position makes me itchy, but setting a stop loss honestly is the way to go. Really? A 20-hour round trip? This trader must have a very strong heart. I'm just curious when he'll be wiped out by a reverse attack. Big funds are not invincible either. I also dream of lying down and earning 100 million, but unfortunately, I don't have enough luck. Don't blindly follow. This is the truth. Retail traders copying big traders' moves often end up in total failure.

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