The whale who made $4.6M on alts last week just got liquidated shorting Bitcoin

Pseudonymous onchain trader Evaded closed all long positions across $HYPE, $ZEC, and $ETH for a combined $4.6 million profit, then immediately opened a 990-bitcoin short position worth $74.84 million on @HyperliquidX.

The short was already generating $783,000 in unrealized profit when it was flagged by on-chain trackers, a sign that bitcoin's price continued moving in the trade's favor after the position was placed. The momentum did not last. $BTC reversed, and the short was force-liquidated for a $320,000 loss.

On-chain records show Evaded had realized about $7.5 million in gains across $HYPE and $ZEC within a 96-hour period earlier in the week. His long on 36,875 ZEC, valued at $24.15 million, and a concurrent long on 287,618 HYPE, valued at $20.94 million, had both moved sharply in his favor as both tokens surged.

The ZEC leg caught a significant tailwind after the U.S. Securities and Exchange Commission closed its investigation into the Zcash Foundation without recommending enforcement action, pushing ZEC's monthly returns past 100% and erasing all of its year-to-date losses in a single session. The HYPE leg rode an equally powerful trend, with Hyperliquid's native token hitting an all-time high near $63 on May 21, lifted by the May 12 launch of a Bitwise HYPE exchange-traded fund and by sustained accumulation from wallets linked to venture capital firm a16z.

From Big Winner to Forced Exit

After the $BTC short was liquidated, Evaded moved quickly. He reopened a 53,500 ZEC long, signalling continued conviction in the privacy token despite the setback on bitcoin.

The size of the original short rules out any casual retail interpretation. A $74.84 million directional bet on bitcoin represents a high-conviction trade, and Evaded is a closely followed on-chain account whose positions regularly draw attention from other market participants.

Hyperliquid: The Stage for Whale Activity

The episode is the latest in a string of high-profile liquidations on @HyperliquidX. Hyperliquid is a decentralized exchange built on its own layer-1 blockchain, purpose-built for perpetual futures trading. The platform has become the dominant venue for high-leverage on-chain bets, processing cumulative volume in the trillions as of 2026, and operates without the identity requirements of centralized exchanges.

As of early 2026, Hyperliquid commands over 70% of open interest in decentralized perpetuals, according to Artemis. That dominance makes it the natural arena for traders like Evaded, where both gains and losses play out transparently on-chain for the entire market to watch.

Sources:
Bitcoin.com News: Trader Books $4.6M Profit on HYPE, ZEC, and ETH Longs Then Opens a $74.84M Bitcoin Short
Bitcoin.com News: Trader Banks $7.5M in Four Days on ZEC and HYPE Longs
CoinMarketCap: Hyperliquid (HYPE) Overview