This weekend, a trader on Hyperliquid, a decentralized derivatives exchange, has been making waves with an eye-catching bitcoin short position. Using 40x leverage, the trader’s bet carries a notional value of approximately $379 million—enough to turn plenty of heads in the crypto world.

Trader ‘Tether FUD’ Makes Waves With Bold Bitcoin Short Play

At 1 p.m. Eastern Time on Sunday, March 16, all eyes were on a Hyperliquid trader known as “0xf3f.” The trader placed about $16.2 million into the decentralized derivatives platform, securing a high-stakes bitcoin short position with 40x leverage.

With an entry price of $84,018 and a liquidation threshold at $86,593, the position packs a notional value of roughly $379 million, keeping market watchers on edge. In an unexpected twist on Hyperliquid, trader “0xf3f” decided to switch up their account username to “Tether FUD.”

Meanwhile, BTC’s price was hovering just above $84,000, and at around 12:05 p.m. Eastern Time, the trader came dangerously close to liquidation when bitcoin briefly spiked to $85,059 per coin. Some in the crypto community were eagerly watching, convinced that market making hawks were aware of the short position and aiming to force it into liquidation.

But BTC didn’t stay elevated for long. The price quickly dipped back to the low-$84,000 range before sliding further down to $83,906 per coin. With every drop, the trader’s short position moves deeper into profitable territory.

At BTC’s current value, they’re sitting on an unrealized gain of roughly $2.4 million. Many speculate that this trader might have insight that the general public lacks, given the size of their short bet. Regardless of what they know—or don’t know—one thing is clear: as long as BTC stays under $84,000, “Tether FUD” is in the green. By 1:10 p.m., BTC held above the $84,000 range, shortening the trader’s floating profits.