Whale 'Evaded' Reopens 40x BTC Short Worth $40M — Liquidation at $77,413

Hyperliquid whale trader “Evaded” has reopened a 40x leveraged short on 525.34 BTC worth approximately $40.32M, with a liquidation price of $77,413.63, while simultaneously holding a 53,500 ZEC long position valued at roughly $32.92M that is now underwater.

The BTC short, placed on Hyperliquid’s publicly visible order book, was flagged by on-chain analytics firm Lookonchain. The position is not new; Evaded previously ran a larger 990 BTC short worth $74.84M before closing it, banking profits, and deliberately re-entering at the current size.

At 40x leverage, the margin for error is razor-thin. Bitcoin is currently trading at $76,611, placing it roughly $802 below the $77,413.63 liquidation price. A rally of approximately 1.05% would force-close the entire $40.32M position.

BTC Spot Price

$76,611

▼ 1.14% (24h)

Liquidation Price

$77,413

40x BTC short (525.34 BTC)

Gap to Liquidation

~1.05%

~$802 upside needed

The fact that this is a reopened position, not a fresh entry, signals deliberate conviction. Evaded closed the prior BTC short along with profitable HYPE, ZEC, and ETH longs that netted $4.6M in combined profit, then chose to re-enter on the short side at a smaller but still massive scale.

The Other Side of the Book: A $32.92M ZEC Long Going Wrong

The BTC short is only half of Evaded’s current exposure. The trader simultaneously holds a 5x leveraged long on 53,500 ZEC, opened when ZEC was riding a surge linked to the SEC closing its investigation into the Zcash Foundation without enforcement action.

That tailwind has reversed. ZEC is trading at $603.53, down 8.42% in the last 24 hours. At current prices, the 53,500 ZEC position is worth roughly $32.29M, below the ~$32.92M headline figure, which reflected ZEC’s price at time of entry. Reporting at the time the positions were flagged put the unrealized loss on the ZEC long at between $1.48M and $1.87M, a figure that has likely grown with ZEC’s continued slide.

Combined, the two positions represent over $73M in notional exposure. The structure, short BTC and long an altcoin, suggests Evaded is betting on Bitcoin underperformance relative to altcoins. But right now, both legs are working against the trader: BTC sits dangerously close to the short’s liquidation level while ZEC continues to bleed.

$77,413 as a Market Level to Watch

Whale positions at this scale are not just personal risk; they become market structure. The $77,413.63 liquidation price on a $40.32M short creates a concentrated liquidity pocket. If BTC rallies past that level, the forced buy-back of 525.34 BTC could itself accelerate upward price movement in a short squeeze scenario.

Bitcoin has been trading in a Fear-driven market, with the Crypto Fear & Greed Index at 34. BTC currently sits roughly 39.2% below its all-time high of $126,080 set in October 2025, and recent ETF outflow pressure has kept sentiment suppressed.

That bearish backdrop is precisely what Evaded appears to be playing. But at 40x leverage, the thesis needs to be right immediately. A move of just $802 to the upside would wipe the position, and in a market where other whales are actively accumulating, the squeeze risk is real.

Evaded’s track record shows the trader can absorb losses and come back; the $4.6M banked from prior longs proves that. Whether this dual-position structure, short BTC into strength and long ZEC into weakness, survives the next 1% move is the open question.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.