Hyperliquid News Today: Hyperliquid's 0x9ee Whale: $241M High-Risk Bets on ETH and ASTER

Hyperliquid's largest ZEC short position has amassed over $21 million in unrealized losses as the perpetuals-focused decentralized exchange (DEX) grapples with broader market turbulence. The position, which has been shorting ZEC since the asset traded near $180, underscores the volatility in the crypto derivatives space, where leveraged bets are increasingly exposed to rapid price swings. This development comes amid a broader downturn for Hyperliquid's native token, HYPE, which has fallen below key technical levels and faces critical support tests.

The DEX's liquidity challenges have been exacerbated by a recent $5 million loss incurred by its market maker, Hyperliquid Provider (HLP), in a high-profile incident involving a Popcat (POPCAT) trader. The trader allegedly distributed $3 million across 19 wallets to manipulate bid prices near $0.21 before securing long positions worth $30 million.

As the artificial buy wall collapsed, HLP was forced to absorb losses exiting positions at depressed prices, highlighting the fragility of liquidity in fast-moving crypto markets.

Meanwhile, Hyperliquid's ecosystem has seen a surge in whale activity across multiple assets. A single address labeled "0x9ee" has emerged as the largest long on ETH and XRP while maintaining a "3x short" on ASTER. This whale's ETH position alone carries $145 million in notional value and $4.9 million in unrealized losses, while its ASTER short generates $8.1 million in unrealized gains. The address's $241 million total exposure reflects a high-risk, high-reward strategy amid a fragmented market according to market analysis.

Other major players are also reshaping their Hyperliquid holdings. Abraxas Capital, represented by addresses 0x5b5 and 0xb83, has shifted from shorting ASTER to building long positions, with $8.16 million in ASTER exposure yielding $750,000 in unrealized profits. These moves suggest a potential shift in sentiment toward smaller-cap tokens, despite ongoing macroeconomic headwinds.

Hyperliquid's token price (HYPE) faces additional pressure as technical indicators deteriorate. The asset has slipped below its 200-day exponential moving average (EMA) and risks breaching the $35 support level, a threshold previously tested on November 4. The Relative Strength Index (RSI) at 43 and a bearish MACD crossover signal sustained selling momentum, with further declines likely if the $35 level fails.

The DEX's recent pause of its Arbitrum bridge, though not affecting deposits or withdrawals, adds to investor concerns. Combined with a 38% drop in HYPE futures open interest since October 30, the data points to waning retail demand and a broader risk-off sentiment in crypto derivatives trading according to market analysis.