Crypto Trader Opens Massive Short Positions on Bitcoin and Ripple

A new cryptocurrency wallet, linked to gambling platforms Roobet and Stake.com, has taken a highly risky move by depositing $7 million in USDC to the decentralized derivatives platform Hyperliquid. This led to the opening of leveraged short positions worth a combined $136 million on both Bitcoin and Ripple. The trader targeted 1,129 BTC (worth approximately $116 million) for a 20x short position, along with another significant short position on XRP with 8,888,888 coins (worth roughly $20.35 million). Leverage like this means that a small price movement could result in liquidation of the entire position.