In line with knowledge tracked by Lookonchain, a dealer often called ETHMegaBear made unrealized income totaling roughly $84 million by shorting Ethereum on Hyperliquid, a decentralized perpetual futures trade.
#ETHMegaBear(0x20c2) accrued over $80.9 million briefly promoting income $ETH —That is utterly insane!
This dealer is promoting quick $ETH Since 2024, #Hyperliquid has constantly used most leverage (beforehand 50x, presently 25x).
He presently holds 30,582. $ETH($88.9 million) Quick… pic.twitter.com/wgL2Ba6bHO
— Lookonchain (@lookonchain) January 29, 2026
ETHMegaBear is shorted $ETH Repeatedly utilizing most leverage on Hyperliquid since 2024. Merchants presently maintain 30,582 quick positions. $ETH The worth is roughly $86 million.
ETHMegaBear’s Ethereum quick unrealized good points elevated as follows in the present day. $ETH It was bought amid an general market downturn. The second-largest cryptocurrency fell from greater than $2,900 to round $2,800, with Bitcoin falling beneath $85,000 for the primary time since December of final yr, in accordance with CoinGecko.
The fast financial downturn worn out round $360 million in leveraged positions in only one hour. Conventional markets had been additionally hit, with shares, tech shares and gold all experiencing turmoil.
