Hyperliquid News Today: Hyperliquid's 0x9ee Whale Makes $241M in Bold ETH and ASTER Wagers

Hyperliquid's largest

short position is now facing unrealized losses exceeding $21 million, as the decentralized exchange (DEX) focused on perpetual contracts contends with heightened market volatility. This position, initiated when ZEC was valued close to $180, highlights the unpredictable nature of crypto derivatives, where leveraged trades are increasingly vulnerable to sharp price movements. This situation unfolds as Hyperliquid's native token, HYPE, continues to decline, breaking through important technical thresholds and .

The DEX's liquidity strains have intensified following a recent incident where its market maker, Hyperliquid Provider (HLP), suffered a $5 million loss. This event involved a Popcat (POPCAT) trader who reportedly spread $3 million across 19 wallets to artificially boost bid prices near $0.21 before opening $30 million in long positions.

, HLP was compelled to exit at unfavorable prices, absorbing significant losses and exposing the delicate nature of liquidity in rapidly changing crypto markets.

At the same time, Hyperliquid's ecosystem has witnessed increased activity from large holders across several tokens. One address, tagged "0x9ee," has become the largest long position holder in ETH and

while also maintaining a "3x short" stance on . This whale's ETH position alone represents $145 million in notional value and is currently down $4.9 million, while the ASTER short is up $8.1 million in unrealized gains. Altogether, this address is exposed to $241 million, reflecting a bold, high-stakes approach in a fragmented market .

Other significant participants are also adjusting their Hyperliquid strategies. Abraxas Capital, through addresses 0x5b5 and 0xb83, has shifted from shorting ASTER to accumulating long positions, now holding $8.16 million in ASTER with $750,000 in unrealized gains.

a possible change in outlook toward lower-cap tokens, despite persistent macroeconomic challenges.

HYPE, Hyperliquid's token, is under further downward pressure as technical signals worsen. The token has dropped below its 200-day exponential moving average (EMA) and

, a level last tested on November 4. With a Relative Strength Index (RSI) of 43 and a bearish MACD crossover, ongoing selling pressure is evident, and further declines are likely if the $35 threshold does not hold.

The DEX's recent suspension of its

bridge, which does not impact deposits or withdrawals, has nonetheless heightened investor unease. Coupled with a 38% reduction in HYPE futures open interest since October 30, these developments point to declining retail participation and a broader move toward caution in crypto derivatives trading .