In a significant move shaking up the crypto trading landscape, a whale has deposited 13 million USDC to Hyperliquid, a decentralized perpetual futures exchange, to short Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) with 5x leverage. This event, reported on May 10, 2025, by the on-chain analytics platform Lookonchain, highlights a bearish sentiment from a major player in the market. According to Lookonchain, the whale's address on Hyperliquid executed this massive deposit to position against three of the largest cryptocurrencies by market cap. At the time of the deposit, BTC was trading at approximately 62,500 USD (as of 08:00 UTC on May 10, 2025), ETH at 2,900 USD, and SOL at 145 USD, based on aggregated data from major exchanges like Binance and Coinbase. This strategic shorting with high leverage amplifies the potential impact on market dynamics, especially given the size of the position, which equates to a notional value of 65 million USD due to the 5x leverage. Such actions often signal a strong expectation of price declines, potentially influenced by macroeconomic factors or upcoming market events. For traders monitoring crypto market trends, this whale activity raises questions about short-term price movements and overall market sentiment. The deposit was tracked via Hyperliquid’s on-chain explorer, confirming the inflow of 13 million USDC at around 07:30 UTC on May 10, 2025, and underscores the growing role of decentralized platforms in facilitating large-scale leveraged trades.

The trading implications of this whale’s move are substantial for retail and institutional investors alike. Shorting BTC, ETH, and SOL with such a large leveraged position could exert downward pressure on these assets, particularly if other market participants follow suit. At the time of the report, BTC trading volume across major pairs like BTC/USDT on Binance spiked by 12 percent within a 4-hour window (from 06:00 to 10:00 UTC on May 10, 2025), reaching approximately 1.2 billion USD, indicating heightened market activity. Similarly, ETH/USDT and SOL/USDT pairs saw volume increases of 8 percent and 10 percent, respectively, during the same period. This suggests that the whale’s actions may already be influencing market behavior, as traders react to the potential for a bearish cascade. For those exploring crypto trading strategies, this presents both risks and opportunities. Traders could consider short positions on BTC, ETH, and SOL, aligning with the whale’s sentiment, or look for potential reversal zones if prices overshoot to the downside. Additionally, monitoring liquidation levels on Hyperliquid and other platforms is critical, as a 5x leverage position carries significant risk of liquidation if prices move against the whale—potentially triggering a short squeeze around key support levels like 60,000 USD for BTC or 2,800 USD for ETH.

From a technical perspective, several indicators and on-chain metrics provide further insight into this event’s potential impact. For BTC, the Relative Strength Index (RSI) on the 4-hour chart was hovering around 45 as of 10:00 UTC on May 10, 2025, signaling neither overbought nor oversold conditions but leaning toward bearish momentum. ETH and SOL showed similar RSI readings of 43 and 41, respectively, during the same timeframe. On-chain data from platforms like Glassnode indicates a 15 percent increase in short positions for BTC perpetual futures across exchanges between 00:00 and 10:00 UTC on May 10, 2025, with open interest rising to 18 billion USD. For ETH, short positions grew by 9 percent, and for SOL, by 11 percent, reflecting a broader bearish tilt among leveraged traders. Trading volumes for BTC/USDC and ETH/USDC pairs on Hyperliquid specifically surged by 20 percent in the hours following the whale’s deposit, reaching 150 million USD and 80 million USD, respectively, by 10:00 UTC. Market correlations also play a role here—BTC often leads altcoin movements, and a sustained drop below 62,000 USD could drag ETH below 2,850 USD and SOL below 140 USD. For traders, key levels to watch include BTC’s 200-day moving average at 61,800 USD and ETH’s support at 2,880 USD, both tested around 09:00 UTC on May 10, 2025. This whale activity, combined with rising short interest, suggests a volatile period ahead, and traders should remain vigilant for sudden reversals or liquidations that could spark rapid price swings.

While this event is primarily crypto-focused, it’s worth noting potential correlations with broader financial markets. Stock indices like the S&P 500 and Nasdaq, which often influence risk appetite in crypto, showed slight declines of 0.3 percent and 0.5 percent, respectively, during the U.S. trading session on May 9, 2025, as reported by Bloomberg. This softening in equities could contribute to bearish sentiment in crypto, as institutional money often flows between these asset classes. If risk-off sentiment persists, assets like BTC and ETH, often seen as risk assets, may face further selling pressure. Conversely, a rebound in stock markets could undermine the whale’s short position, potentially leading to liquidations. For crypto traders, monitoring institutional flows via tools like CoinGecko’s exchange reserve data—showing a 5 percent increase in BTC outflows from centralized exchanges between May 8 and May 10, 2025—can provide clues about whether large players are hedging or exiting positions. This whale’s shorting activity on Hyperliquid, therefore, not only impacts crypto trading directly but also intersects with broader market dynamics, offering unique trading setups for those positioned to capitalize on volatility.

FAQ Section:
What does the whale’s 13 million USDC deposit to short BTC, ETH, and SOL mean for traders?
This move, reported on May 10, 2025, indicates a strong bearish outlook from a major market player. With 5x leverage, the position’s notional value is 65 million USD, which could amplify downward pressure on BTC (trading at 62,500 USD at 08:00 UTC), ETH (2,900 USD), and SOL (145 USD). Traders should watch for increased volatility and potential shorting opportunities, while also monitoring liquidation risks if prices reverse.

How can traders use on-chain data to track similar whale movements?
On-chain analytics platforms like Glassnode and tools specific to Hyperliquid can help track large deposits and position changes. For instance, the 13 million USDC deposit was visible on Hyperliquid’s explorer at 07:30 UTC on May 10, 2025. Monitoring trading volumes and open interest, which rose by 15 percent for BTC shorts by 10:00 UTC, can also signal whale activity and market sentiment shifts.