Hyperliquid's Largest BTC Short Closes 57 BTC Position, Shifts to 7M ETH Bearish Bet on June 3

According to BlockBeats citing Coinbob, on June 3, the largest BTC short on Hyperliquid (pension-usdt.eth) began closing its position, reducing short holdings by 57 BTC over the past 30 minutes. The address's BTC short position is now down to 1,343 BTC, worth approximately $90 million, with an unrealized gain of roughly $3.23 million.

The trader has redirected margin released from closing BTC shorts to establish a 3x leveraged short on ETH, initially at 4.6 million USD. By 5:08 PM UTC, the ETH short position has been increased to 7 million USD, with an average entry price of $1,879. The original BTC short, opened on April 1 at an average price of $69,423, had never been reduced until yesterday's first profitable close.