According to data provided by Lookonchain, a massive whale was recently liquidated for $111 million worth of Bitcoin on the Hyperliquid platform.
The whale managed to secure a profit of $3.41 million with his enormous short. However, he ended up suffering a loss of $3.51 million after the price of the leading cryptocurrency recorded a massive spike.
On Monday, the trader opened a series of short positions when the cryptocurrency was hovering above the $101,000 level. His overleveraged short positions were then liquidated when the cryptocurrency was surging from $104,500 to roughly $106,000.
The world's leading cryptocurrency is currently changing hands at $105,120, according to CoinGecko data. The cryptocurrency is up by 3.6%. Earlier today, it reached an intraday peak of $105,927.
Notably, Bitcoin is just 6% away from reclaiming its current all-time high of $111,814 that was achieved last month.
