Hyperliquid Trader Makes $2.3M Profit Shorting XRP, BTC, And ETH Amid Market Drawdown

(MENAFN- eTrendy Stock) A Hyperliquid trader has turned heads in the cryptocurrency space after transforming a $1.17 million deposit into $8.85 million in just four months-all without recording a single losing trade.

The pseudonymous trader, whose on-chain performance is publicly verifiable, has managed a 100% win rate since joining the hybrid perpetuals trading platform.

The account currently holds short positions against three of the largest digital assets-XRP, Bitcoin and Ether-with unrealized gains totaling $2.3 million, based on the latest mark prices, according to data shared by on-chain analysis service Lookonchain.

Hyperliquid is a hybrid cryptocurrency exchange offering perpetual futures without the need for intermediaries, yet combining it with elements from centralized trading platforms.

Hyperliquid Trader's Short Selling Timing

The Hyperliquid trader has been short selling the market at a pivotal time, in which an escalating trade war between the U.S. and China has sent global equities markets in a significant downward slope that saw the Nasdaq 100 index briefly enter bear market territory.

The trade war has seen the price of the flagship cryptocurrency Bitcoin drop by more than 10.6% over the last week while Ethereum, which has been significantly underperforming the market over the last few months, lost 21% of its value over the same period.

The price of XRP, the third major cryptocurrency the Hyperliquid trader is currently also shorting, is down by around 14.5% over the period, to now stand at $1.85, even amid various regulatory developments seen as bullish for the cryptocurrency. On top of these, Ripple has recently revealed it's acquiring prime broker Hidden Road in a $1.25 billion deal that's also set to benefit XRP.

The trader's short on the cryptocurrency market comes as U.S. Treasuries extend their declines, to the point the yield on 30-year Treasuries is now at its highest level since November 2023.

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