A masterclass in distribution is currently unfolding on the Hyperliquid decentralized exchange, as whale 0x94d3 executes a sophisticated de-risking strategy. Over a concentrated seven-hour window, this entity liquidated 255 BTC at a premium average of $85,378, realizing approximately $21.77 million in liquidity. However, the institutional-grade maneuvers did not end with spot selling.$ETH

The address immediately pivoted into an aggressive bearish posture, establishing a 10x leveraged short position involving 876.27 BTC and 372.78 ETH, with a combined notional value exceeding $77 million. This strategic pivot from spot holding to high-leverage shorting suggests a definitive expectation of a structural breakdown. For market observers, this whale’s coordinated exit and subsequent shorting represent a high-conviction bet that the current local peak is exhausted. $BTC