Up $44.8M a year ago. Down $35.7M today. And 25x again
Exactly a year ago, on 17 September 2025, this Hyperliquid wallet was up $44.8M. The account held $50.4M.
Today he's down $35.7M all-time. Since November 2025 he has topped up the account 260 times and hasn't taken out a single dollar.
This morning he opened another long: 15,500 ETH at 25x leverage.
- Source: Hyperliquid public records: account history since May 2025, 504 transfers, 84,527 trades since 2 September 2026
- Wallet: 0x020ca66c30bec2c4fe3861a94e4db4a498a35872
- Position snapshot taken after noon on 17.09.2026; chart data frozen
Ether, bitcoin and HYPE on high leverage. He doesn't bank the big wins, and he tops up after the big losses. Not one withdrawal since September 2025.
The climb
The account appears on 21 May 2025. In May alone 24 deposits land, most of them around half a million each. So he starts with $11.5M.
Then he just makes money. By mid-July he's up more than $24M, by mid-August more than $34M. On 13 and 14 August he pulls out $8.1M in three transfers. He hasn't made a large withdrawal since.
On 17 September 2025 the account holds $50.4M. That's the peak: +$44.8M all-time.
Four weeks
A week after the peak the account is down by half, to $23.9M. So that week alone costs him $26M.
On 10 October 2025 crypto goes through the biggest liquidation day in its history. By 15 October the account holds $85k, which means he's now $13M down all-time.
Peak to bottom: four weeks and almost $58M. Whether the exchange force-closed him, trade records from back then won't tell: they aren't kept that long. Only the account history survives.
White line: all-time trading result, $M. Grey dashed: account value, $M. Weekly Hyperliquid portfolio points; data frozen 17.09.2026. Hover over any date.
A year of refills
Then he keeps going. Over ten months 260 transfers come in, $22.1M in total. Not one goes out.
The account swings up to $5M, then drops close to zero. It fell below $100k at least four more times: in November, in February and twice in June. In February it was down to $30k.
On 16 August 2026 the account holds $213k. All-time he's down $36.7M. So in a year he lost everything he had made, and the same again on top.
Eleven days
His last top-up before this lands on 15 August. Then no new money comes in, and the account keeps growing.
In eleven days he trades $213k into $12.5M. His all-time result improves from -$36.7M to -$24.4M. In other words, +$12.3M in eleven days.
He wins back a third of the hole and takes nothing off the table.
Forty thousand ether
Since early September he has held an ether long of almost the same size: 36,000 to 41,000 ETH, about $100M, which is why the account swings between $3.8M and $11.2M.
On the evening of 14 September ether jumps above 2,600. He sells part of the position and buys it back the same evening. So he's still long, with $10.6M in the account.
Twenty-six hours
Overnight ether falls back to 2,490. Then at dawn on 15 September he adds more and takes the long to 40,154 ETH.
After lunch ether heads lower. He sells in chunks: 11,000 ETH in one hour at -$869k, another 10,000 in the evening at -$1.14M. By evening ether is at 2,389. For the day he closed 34,190 ETH at -$2.46M, and with trades in other coins the day ended at -$3.26M.
That night the account holds $815k. In twenty-six hours $9.8M is gone. So of the $12.3M August comeback, about $0.6M is left in his result.
Teal line: long size, ETH, at the end of each hour per trade records. Grey: ETH price on Hyperliquid, hourly (right axis). Data frozen 17.09.2026.
A year later
Today is exactly a year since his peak. The account holds $1.24M. All-time: -$35.7M. He has put $13.6B of trades through the exchange. Funding alone cost him $1.04M over the last 90 days.
Today he's long again: 15,500 ETH, 25x, entry 2,449, liquidation at 2,420. So a 1.2% drop in ether from his entry is enough to take him out.
A year ago he had $50M and could have walked away. He stayed.
Sold lower, bought higher
After lunch on 17 September ether trades between 2,437 and 2,461. The whale sheds part of the long in 26 trades, from 15,500 to 12,832 ETH, and loses $19k doing it.
Then ether turns up, and he buys back, higher: 4,943 ETH at prices from 2,470 to 2,493. By the morning of 18 September the long is 17,775 ETH and up $521k on paper. The account grows from $1.24M to $1.70M. His liquidation price rises from 2,420 to 2,440, 1.88% away. There is nothing left in the account to withdraw.
A year ago he had $50M and could have walked away. This morning he could have taken half a million off the table. He didn't: he bought more.
The countdown is still on, but it looks different: ether went up and liquidation now sits 10% below the price. The account has won back $9.7M and is $26.0M down from the start instead of $35.7M. The 31,450 ETH long is still open, with sell orders from 2,788 up.
We'll see the next one before it hits
The radar goes out every morning: which big wallets sit closest to liquidation and what changed overnight. The free part is on Telegram.
Open the radar on TelegramWatch a specific wallet →Next
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Evidence and limits
Wallet: 0x020ca66c30bec2c4fe3861a94e4db4a498a35872. Every number comes from Hyperliquid's public records: account and all-time result history, transfers, trades, funding. Anyone can check them by address.
Money in: $35.6M in direct deposits all-time; counting those deposits and transfers from November 2025 to August 2026, 260 inflows for $22.1M. Withdrawals: $9.16M, the last large one in August 2025.
What we don't know: who is behind the address; whether he holds positions elsewhere that offset these losses; whether the exchange liquidated him in October 2025. The exchange only returns recent trades, so trades before September 2026 are out of reach, and the earlier history was rebuilt from weekly account points.
Analytics services and public X accounts link this address to a well-known trader. We haven't verified that link and don't name anyone: the story rests on exchange records, not on a handle.
Follow-up (act VIII): public Hyperliquid records, trades, position and transfers as of 18.09.2026, 05:18 UTC.
A journal of the system's decisions, not investment advice. A reconstruction from public Hyperliquid data; who is behind the address is unknown; no claim is made that anyone held non-public information. Leveraged derivatives trading carries a risk of losing all your funds.