Six seconds: one lost $1.59M, the other made $156k
On 11 September at 12:30 UTC the exchange force-sold a 911 BTC long at 40x leverage in six seconds: the wallet lost $1.59M. In those same six seconds another wallet's resting bid bought part of that sale, plus two other liquidations: +$156k.
For two weeks the first had barely lost a trade. Over the same two weeks the second lost almost a million.
This is the story of both.
- Source: Hyperliquid public records, 10,144 whale trades and 8,183 buyer trades
- Whale: 0x396dc3e4d1051837bb559810d2b1ea7977775899
- Buyer: 0x341892ca9af16ff90c91bb4a119655dfffb0e5d3
- The radar flagged this position seven hours before the liquidation
Small, fast shorts, almost no losses. Then one bet 250 times his usual trade.
Same size, trade after trade. Takes big losses and doesn't change his style. Not one liquidation since June.
Two weeks
On Hyperliquid he shorts bitcoin almost every day. Small size: the typical short lives under two hours, and half his positions are 3.6 BTC or less. In, take a few thousand, out.
12 days out of 15 in the green, +$417k in total, which is why X will soon be asking “insider or gambler?”
For him the same two weeks run the other way. Down $268k in a day. Then down $466k. Then another $274k and $220k. On 6 September he hits bottom: a drawdown of almost a million.
He doesn't change size. 34 bitcoin trades since June, usually 90 BTC, never above 160. 22 of them closed in profit. Biggest loss $349k, biggest win $255k.
One minute
That same morning he starts buying. Eight minutes in he holds 317 BTC. Then, half an hour later, he moves $1.54M over from his second account and keeps buying.
The last buy comes in the afternoon: 911.55 BTC, $70M, 40x leverage. His previous record was half that. The liquidation price is 76,316, which means a 1.8% drop from entry takes him out.
Then 21 hours without a single trade.
At 07:50 UTC his sell order fires: a 150 BTC short at 78,031. The fill ends at 07:51:43. 27 seconds later the first wallet starts buying. Same market, same minute, opposite sides.
Late in the evening he closes the short at 77,188, so the day ends +$125k.
The night before
Overnight price slides to 76,561: the long is $250 from liquidation. The position is down $579k and there's zero free margin left. He doesn't add and doesn't cut.
Seven hours before the data our morning radar goes out. It gives this long one line: first candidate for a forced close if the drop repeats
. A post on X, “someone is about to lose everything”, pulls more than 200,000 views.
At 12:30 the US inflation print lands. The options market prices the move on it at about 2%. His cushion is under 1%. So half that move is enough to take him out.
At dawn he sells 150 BTC again, this time at 77,141. One order, four minutes to fill.
Where he plans to take profit becomes clear at 12:30.
Six seconds
Inflation comes in exactly as expected. Price jerks lower anyway: the candle drops from 77,064 to 76,021.
At 12:30:20 the exchange starts force-selling the first wallet's long. The second wallet's bid is sitting at 76,100. At 12:30:20 it takes 49.28 BTC out of this liquidation. At 12:30:23, another 22.25 BTC from a different wallet's liquidation. At 12:30:26, the last 78.47 BTC from a third. On every fill the exchange itself recorded whose liquidation he bought.
Six seconds. The first wallet's account falls from $1.71M to $0.40M, which means he lost almost four times what he'd made in two weeks. The second closed his position in full and left the market.
Whether he was aiming at this exact liquidation isn't in the record. Where his bid sat is: $216 below the liquidation price people on X were pointing at that morning.
Cumulative result of each wallet's closed trades after fees, in thousands of dollars, both starting from zero on 26 August, per exchange records. Hover over any date.
Six minutes later
Six minutes later bitcoin is already above its pre-print level. Twelve minutes after that it's at 78,000, above this long's entry. Two hours on, price tags 79,867. At that mark his long would have been up $1.9M.
He called the direction. He got one candle wrong.
None of it is his business anymore. He doesn't trade bitcoin again that day. Price swings two thousand up and back down without him.
Hourly closes; around 12:30 UTC on 11 September the step is three minutes and the candle low is shown. Dashed: his entry and liquidation price while the long was alive; on the right, the liquidation price of his current short. Data frozen 17.09.2026.
After
No pause. Before that hour is out he's long 164 BTC, and by evening he has flipped short. Day by day after that: +$160k, +$126k, -$575k, +$162k.
One trade erased everything he had made on this exchange, and then some.
Day by day after that: +$111k, +$412k, +$74k. From the 6 September bottom he won back the whole drawdown and is no longer underwater: he's in profit.
Since June he has deposited $0.76M and withdrawn $1.73M from his trading account. So he has taken out more than twice what he put in.
Same side
Six days later they're on the same side. Almost the same size, same leverage, same direction. That morning the first wallet topped up $123.6k and added to the position 16 minutes later.
Right next to the first one, in a band from 77,129 to 77,494, sit the liquidation prices of two more 40x shorts: 786 BTC together, about $60M. Within 3% below price the big wallets hold only 105 BTC of longs. So the fuel right now sits above price.
Who blinked first
Overnight bitcoin climbs. Around three in the morning the whale starts closing the short in pieces: four trades in five minutes, each smaller than the last. Price rises from 77,214 to 77,566 meanwhile, and each trade costs him about $16k.
At 05:09 the remaining 88.7 BTC is closed in eleven seconds: 65 trades at a single price, 77,495. It is not a liquidation: he closed it himself. The night cost him $195k.
72 seconds later he is long ZEC at 10x. The account holds $122k. He once bet 250 times his usual size. This time he blinked first.
The buyer doesn't move. Not one trade since the morning of 17 September: the same 144.76 BTC short at 40x. Bitcoin is at 77,466 that morning, his liquidation price is 78,237, and he is down $174k on paper.
Back on 15 September he moved $490k out of the trading account. $217k is left, and that is what this short stands on.
He made money on someone else's liquidation. Now less than one percent separates him from his own.
The whale was liquidated twice more, today at 08:32 and 08:33, at 82,592 and 82,794; $21.7k is left in the account. The buyer has moved to ether: short 4,000 ETH, 1.1% from liquidation.
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
- Hyperliquid whale tracker: crypto liquidation heatmap of whale levels
- Hyperliquid: what the exchange is and why every wallet is visible
- Whale fragility: how many positions sit on high leverage
- Glossary: how to read a liquidation heatmap
- Case №2206: a Deribit options bet against the news
Evidence and limits
Whale: 0x396dc3e4d1051837bb559810d2b1ea7977775899. Buyer: 0x341892ca9af16ff90c91bb4a119655dfffb0e5d3. Every number comes from Hyperliquid's public records: trades, account history, transfers. Anyone can check them by address. Of the buyer's $156k, $51k (49.28 BTC) came from this whale's liquidation; the rest came from two other liquidations in the same seconds.
Radar line: archive for 11.09.2026, snapshot 05:16 UTC, seven hours before the liquidation. Our thread on X went out minutes after it.
What we don't know: who is behind the addresses; whether they had other legs elsewhere (spot, options, another exchange); why the whale turned on 10 September in particular; when the buyer placed the 76,100 bid (the exchange shows fill time, not placement time).
The exchange returns roughly the last 10,000 trades, so history before 26 August is cut off; the all-time total comes from the exchange's portfolio view. The wallets in the last scene are not linked to each other: the shared deposit address is the standard USDC deposit contract, which served hundreds of addresses in a week.
Follow-up (act VIII): public Hyperliquid records as of 18.09.2026, 05:18 UTC; the whale's 18 September trades carry no liquidation flag.
A journal of the system's decisions, not investment advice. A reconstruction from public Hyperliquid data; who is behind the addresses is unknown; no claim is made that anyone held non-public information. Leveraged derivatives trading carries a risk of losing all your funds.