Original | Odaily Planet Daily (@OdailyChina)

Author | Wenser (@wenser 2010)

In the recent market downturn and fluctuations, the traders who have performed the best are undoubtedly those who have sought excess profits through frequent contracts on Hyperliquid. Amid the rises and falls of mainstream coins such as BTC and ETH, they seem always to be able to discover the trend direction a step ahead, swiftly opening positions and accurately exiting, thus earning the nickname “Insider Brother” amidst jealousy and suspicion in the community.

Currently, some retail investors regard them as a “position indicator” and have achieved victories in their follow-up trades. In light of this, Odaily Planet Daily will briefly summarize the profit-making operations of whale traders on the Hyperliquid platform and provide observation links for readers’ reference.

Hyperliquid Becomes the Latest Gold Rush: Monthly Trading Volume Grows Over 4 Times in 6 Months

After undergoing the baptism of political meme coins like TRUMP, MELANIA, and LIBRA, the meme phase of the cryptocurrency market has temporarily receded, replaced by the on-chain contract market, which has become the latest gold rush destination for numerous traders.

At the beginning of February, according to a report by Messari, the monthly trading volume on Hyperliquid has increased by more than 4 times since October 2024, indicating the platform’s rapid rise in the decentralized trading market. Hyperliquid has cultivated a group of high-value, continuously active trading users, becoming the only Layer 1 alternative with a clearly defined core user group in the market.

In late February, Hyperliquid’s official announcement stated that the HyperEVM mainnet is now online, introducing general programmability into Hyperliquid’s high-performance financial system. The initial release of the mainnet includes: HyperEVM block built as part of L1 execution, inheriting all the security of the HyperBFT consensus; the ability to transfer between native spot HYPE and HyperEVM HYPE; and a standardized WHYPE system contract applicable to DeFi applications.

Meanwhile, on February 22, according to Degen News citing DeFiLlama data on the X platform, HyperliquidX’s protocol revenue reached $2.46 million in the past 24 hours, surpassing pump.fun to rank third, only behind the two major stablecoin issuers, Tether and Circle. It must be said that perhaps the trend was already apparent at that time.

According to Dune data, as of March 7, Hyperliquid’s number of unique users has approached 400,000; the total number of transactions has reached 53 billion; and the total trading volume on the platform has exceeded $1.9 trillion.

Since February, many large holders have achieved impressive results from Hyperliquid—profit sizes ranging from hundreds of thousands to tens of millions of dollars. Under the banner of “On-chain Binance,” Hyperliquid has become a “winning ground” with substantial trading depth in the volatile monkey market.

Whale “Insider Trading” Operations Overview: BERA, BTC, ETH, and More Are Within Range

Whale Operation: Shorting BERA to Earn $589,000 in 2 Hours

In early February, according to Lookonchain monitoring, after the launch of BERA, a whale earned $589,000 by shorting BERA in less than 2 hours. This whale deposited $1.6 million into Hyperliquid 16 hours prior and shorted BERA at a price point of $13, earning $589,000.

Observation link: https://hypurrscan.io/address/0x0eC0A15e5763ED97A85e860fDCCd7D1e082b5AA9

It is worth mentioning that this address has currently closed all positions.

Whale Operation: Shorting ETH at 50x Leverage, Floating Profit Exceeds $62.4 Million

At the end of February, according to Onchain Lens monitoring, a whale shorted ETH on HyperLiquid at 50x leverage, with floating profits exceeding $62.4 million at that time.

Observation link: https://hypurrscan.io/address/0x20C2d95a3Dfdca9e9AD12794D5fa6FaD99dA44f5

The address currently has a contract position valued at $98 million.

Suspected Insider Brother: Long ETH and BTC During Significant Decline, Holding 88,500 ETH, Profiting $6.83 Million in 24 Hours

According to on-chain analyst Ai Yi’s monitoring, the 88,510 ETH long positions of a Hyperliquid user at 50x leverage have all been closed for profit, and they are now starting to take profits on Bitcoin, with 315 BTC remaining.

This address previously opened a long position worth over $200 million with a principal of $6 million USDC, including—ETH: 49,384 units, opening price $2,196, liquidation price $2,133.9; BTC: 1,260 units, opening price $85,671, liquidation price $84,629. Subsequently, the address added another 914 ETH and 41 BTC to its long positions.

The subsequent story is well-known; Trump directly called out XRP, SOL, ADA, BTC, ETH, stating that he would soon establish a cryptocurrency reserve. Due to this news, the address once floated a profit of $6.46 million. Because the timing of the opening and the liquidation points were too extreme, many in the market speculated that it might be an insider close to Trump. Although this view was later refuted by Coinbase executive Conor Grogan, as the source of funds was from phishing scam funds. However, the truth remains unknown.

Currently, this address has closed all positions.

Observation link: https://hypurrscan.io/address/0xe4d31c2541A9cE596419879B1A46Ffc7cD202c62

Insider Brother Takes Action Again: Opening a $13.45 Million Bitcoin Short Position

In early March, according to ai_9684 xtpa monitoring, 20 minutes before the U.S. stock market opened, the “Hyperliquid 50x leverage long BTC and ETH whale” opened a $13.45 million Bitcoin short position, still at the familiar 50x leverage, still at a sensitive time point, but shifted from long to short with a significantly smaller position; the opening price was $93,117.5, liquidation price $94,083, at one point floating a loss of $60,000. However, shortly after, this address ultimately exited with “nearly $300,000 in profit” successfully.

Institutional Operation: 50x Leverage Opening a $139 Million ETH Short Position, Floating Profit of $78.19 Million

On March 4, according to Hypurrscan data, a whale opened a $139 million ETH short position on Hyperliquid at 50x leverage, floating a profit of $78.19 million, with a liquidation price of 3,507 USDT. Subsequently, it was learned that this position was actually opened to maintain the stablecoin USR for the protocol Resolv Labs.

Observation link: https://hypurrscan.io/address/0x20c2d95a3dfdca9e9ad12794d5fa6fad99da44f5

Currently, the contract position of this address is valued at approximately $97 million.

Suspected Insider Brother’s Sleight of Hand: 50x Leverage Long ETH, Profiting $2.15 Million in 40 Minutes

This afternoon, according to on-chain analyst Ai Yi’s monitoring, the “Hyperliquid 50x leverage long BTC and ETH whale, profiting $7.13 million” deposited 1.95 million USDC as margin, opening a 50x ETH long position with 27,809 ETH (approximately $57.88 million), opening price $2,057.49, liquidation price $2,008.

Shortly after they opened the position, ETH rose to a maximum of $2,149, and ultimately, all positions were closed for profit, achieving a profit of $2.15 million in less than 40 minutes. As of now, they have accumulated profits of $9.28 million through three leveraged trades.

Observation link: https://hypurrscan.io/address/0xf3F496C9486BE5924a93D67e98298733Bb47057c

Whale Operation: Long BTC with 4.06 Million USDC, Floating Profit of $589,000

On March 6, according to Lookonchain monitoring, a dormant wallet for two years sold 1,863 ETH at an average price of $2,181, obtaining 4.06 million USDC. Subsequently, this address deposited 4.06 million USDC into Hyperliquid, going long on BTC at a price of $89,930 with 20x leverage, floating a profit of $589,000, with a liquidation price of $75,186.

Observation link: https://hypurrscan.io/address/0x523b21F469825D0104ac6A3c762a955EeDb75e5B

Conclusion: Eating Meat and Drinking Soup, All Depending on Speed

Currently, the suspected Insider Brother has an unusually high win rate in long and short operations; their true identity may be a hacker involved in phishing scams, and it cannot be ruled out that they are an insider or a colluding whale.

Given that Hyperliquid’s infrastructure is still immature, many followers rely on speed. Odaily Planet Daily emphasizes that during unclear market trends, leverage should be used cautiously, and proper risk control should be established before choosing a “big brother”.

This article is authorized for reprint from Odaily Planet Daily.