Ten refills in 27 days: $4.32M in, $1.04M left

The Hyperliquid account appears on 21 August. Three transfers land in one morning: $300k, $200k, $500k. Within a week, another $488k and almost a million in a single payment.

By the end of August the account holds $2.08M: $139k more than he put in. So far he's in profit.

September opens with four losing days: -$196k, -$185k, -$425k, -$560k.

On 3 September he shorts 400 BTC. Bitcoin runs from 79,570 to 81,287: the short loses $504k in ten hours. A new top-up lands the same day, $572k. The next day, another $296k. Four days wipe out two thirds of what the account held at the start of the month, and he plugs the hole with fresh money.

It's the same US inflation candle that wiped out the 73-for-80 whale in six seconds. He meets it short 10,500 ETH and loses $204k within the hour.

Five minutes after the print he flips long 11,000 ETH. Ether runs from 2,473 to 2,580: the long makes $953k in 72 minutes.

An hour and a quarter later he flips again, short almost at the very top, and holds it for 44 hours: the short brings in $1.21M. By that evening the account has grown from $1.97M to $3.53M.

13 September is his best day: +$1.52M, all of it on ether.

That evening the account holds $4.26M. By then he has put in $3.30M. So for the first time in a month he's in profit, by almost a million.

On the morning of 16 September the tenth top-up lands: $477k. Fifteen minutes before it he had already started shorting ether. By noon he's short 670 BTC and 6,613 ETH, a few hours before the Fed decision. X calls him “the Fed whale”: 122,000 views and questions about what he knows.

The Fed raises rates for the first time since 2023. He called the decision right. It doesn't help: the market barely moves, and bitcoin stays above 76,000.

In the spike after the decision he closes 400 BTC at -$98k. He closes the ether overnight: another -$299k. On the morning of 16 September, after the top-up, the account held $2.38M. A day later, $1.15M: the tenth refill is gone, and then some.

Noon, 17 September: short 520.72 BTC at 40x, entry 75,853, liquidation 77,710, price 76,692. The account holds $1.04M of the $4.32M he put in. All-time withdrawals: $550k.

Bitcoin since 1 September: 25 trades, 7 in profit, -$2.61M in total. Ether: 28 trades, 11 in profit, +$534k in total. Over these 17 days he paid the exchange $732k in fees.

He has never been liquidated. Every time, he either closes himself or tops up.

After noon on 17 September he cuts the short three times and rebuilds it twice, all within two and a half hours. Every close is a loss, $157k in total. The short shrinks from 520.72 to 440.72 BTC.

That moves his liquidation price from 77,710 to 78,024. But bitcoin moved further over the same stretch, from 76,692 to 77,466. By the morning of 18 September he is 0.72% from liquidation, with $672k in the account and $645k down on paper.

Still no eleventh refill. The tenth came in on 16 September: $477k. Ten times he topped up to stay in the trade. Now he is cutting it himself and not topping up.