In a surprising turn of events, two major whale addresses have taken significant short positions on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) on the Hyperliquid platform during the recent crypto market rally. According to a detailed post by EmberCN on X, shared on May 11, 2025, these whales are currently facing substantial floating losses as the market continues to trend upward. The first whale, identified by the address starting with 0xB83D, has transferred a staggering 29 million USDC into Hyperliquid since May 9, 2025, to open short positions worth 72.4 million USD across BTC, ETH, and SOL using 5x leverage. The opening short prices for these assets were 103,538 USD for BTC, 2,385 USD for ETH, and 170.9 USD for SOL, as reported at the time of the post. As of the latest update on May 11, 2025, this whale is sitting on a floating loss of 3.44 million USD due to the persistent bullish momentum in these cryptocurrencies. This development has caught the attention of traders, as it highlights the risks of shorting in a strong uptrend and raises questions about potential liquidations if the rally sustains. The broader crypto market context shows BTC trading above 105,000 USD, ETH around 2,450 USD, and SOL nearing 180 USD as of 10:00 AM UTC on May 11, 2025, based on aggregated data from major exchanges. This event also comes amidst a backdrop of positive sentiment in the stock market, with the S&P 500 gaining 1.2% in the week ending May 10, 2025, reflecting heightened risk appetite among institutional investors. Such dynamics often spill over into crypto markets, further fueling bullish trends and putting pressure on short sellers like these whales.

The trading implications of these whale short positions are significant for both retail and institutional traders. With floating losses already at 3.44 million USD for the first whale as of May 11, 2025, there’s a looming risk of forced liquidations if BTC, ETH, or SOL prices continue to climb. For instance, BTC’s resistance level near 106,000 USD, tested at 2:00 PM UTC on May 11, 2025, could trigger a short squeeze if breached, potentially driving prices even higher. Similarly, ETH’s push toward 2,500 USD and SOL’s approach to 185 USD, observed around the same timestamp, could exacerbate losses for these short positions. From a cross-market perspective, the bullish sentiment in equities, particularly in tech-heavy indices like the Nasdaq, which rose 1.5% week-over-week as of May 10, 2025, often correlates with increased inflows into risk assets like cryptocurrencies. This correlation suggests that institutional money flowing into stocks could indirectly support crypto prices, creating a challenging environment for short sellers. Traders looking for opportunities might consider long positions on BTC/USDT, ETH/USDT, and SOL/USDT pairs on exchanges like Binance or Hyperliquid, capitalizing on potential breakout patterns. However, caution is advised, as high leverage (5x in this case) amplifies risks, and a sudden reversal could benefit short sellers if negative catalysts emerge. Monitoring on-chain data for large liquidations or margin calls will be crucial in the coming hours.

Delving into technical indicators and volume data, BTC’s 24-hour trading volume spiked by 18% to 35 billion USD across major exchanges as of 8:00 AM UTC on May 11, 2025, signaling strong buying pressure. ETH and SOL also recorded volume increases of 12% and 15%, reaching 14 billion USD and 3.5 billion USD, respectively, during the same period. The Relative Strength Index (RSI) for BTC stands at 68 on the 4-hour chart, inching toward overbought territory but still indicating room for upward movement as of the latest data at 9:00 AM UTC. ETH’s RSI is at 65, and SOL’s at 70, reflecting similar bullish momentum. On-chain metrics further support this trend, with Glassnode data showing a 5% increase in BTC wallet addresses holding over 1 BTC between May 9 and May 11, 2025, suggesting accumulation by larger players. In terms of stock-crypto correlation, the positive movement in crypto-related stocks like Coinbase (COIN), which gained 3.2% to 215 USD by the close of trading on May 10, 2025, mirrors the crypto rally and indicates institutional confidence in digital assets. This synergy between stock and crypto markets could attract more capital into ETFs like the Grayscale Bitcoin Trust (GBTC), which saw inflows of 120 million USD on May 9, 2025, per publicly available reports. For traders, key levels to watch include BTC’s support at 102,000 USD and resistance at 106,000 USD, with potential breakout signals on high volume confirming bullish continuation as of May 11, 2025.

Lastly, the institutional impact cannot be overlooked. The interplay between stock market gains and crypto rallies often reflects broader risk-on sentiment, as seen with the S&P 500 and Nasdaq uptrends correlating with BTC’s 2.5% gain from May 9 to May 11, 2025. Institutional money flow into crypto, evidenced by GBTC inflows, suggests that whales shorting on platforms like Hyperliquid might be swimming against the tide. Traders should remain vigilant for sudden shifts in sentiment, especially if stock markets face unexpected downturns, which could trigger risk-off behavior and temporarily benefit short positions. For now, the data points to a challenging environment for these whale shorts, creating potential opportunities for long-focused strategies in the crypto space.

FAQ:
What are the current floating losses for the whale shorting on Hyperliquid?
The whale with the address starting 0xB83D is facing a floating loss of 3.44 million USD as of May 11, 2025, due to short positions on BTC, ETH, and SOL opened on May 9, 2025.

What price levels were the short positions opened at for BTC, ETH, and SOL?
The short positions were opened at 103,538 USD for BTC, 2,385 USD for ETH, and 170.9 USD for SOL, as reported on May 9, 2025, by EmberCN on X.

What are the key resistance levels to watch for BTC right now?
Traders should monitor BTC’s resistance at 106,000 USD, tested as of 2:00 PM UTC on May 11, 2025, as a breakout could trigger a short squeeze and further upside.