One year after 10/10, Hyperliquid had its quietest liquidation day in a month. A 40x BTC short is 1.2% from the edge
Yesterday in one line: the first anniversary of the October 10, 2025 crash was the calmest day Hyperliquid has had in a month. Only $3.3M was liquidated across 1,142 wallets, the lowest since September 12. Almost all of it was shorts ($3.2M), mostly in NEAR, DOT and STRK. Taker volume halved to $3.13B, from $6.17B the day before.
BTC added 0.4% (82,580 → 82,946), ETH 0.7% (2,487 → 2,505), HYPE 1.5% to 85.42. STRK kept running (+41%, open interest +63%), and WLD and NEAR gained 9.5% and 8.5%. Funding on BTC and ETH turned negative this morning (about −8% and −7% annualized), so shorts are now paying longs to hold their positions.
What the timeline is saying: the anniversary short, and the ETH whale who reloaded
Two Hyperliquid stories led the coverage:
- "A $32M BTC short on the crash anniversary." A wallet opened 391 BTC short at 13x, average entry 82,863 (Bitcoin.com, TokenPost, Pluang). Its liquidation price is around 99,800, about 20% above the market.
- "ETH whale loses $69.7M, then opens a new long." On Oct 9, ETH dipped to about 2,420 and roughly 28,700 ETH was force-closed across a cluster of addresses that on-chain trackers tie to one trader. Within half an hour the trader deposited 10M USDC and bought back in (Bitcoin.com, Lookonchain, EmberCN).
Compared with the chain, three things stand out:
1. A year ago was a different order of magnitude. On October 10, 2025, Hyperliquid's trade tape recorded $2.81B of liquidation fills across 36,750 wallets, 96% of them longs. That figure does not include auto-deleveraging, which closed many more positions that night. Yesterday's $3.3M is under 1/800 of it. The calm is recent, though: on Oct 7–8 this week, $516M was liquidated in two days, almost all of it longs.
2. The anniversary short is not the risky one. At 13x with liquidation near 99,800, it can absorb a 20% rally. The shorts that opened yesterday near 83,000 were built very differently. Three wallets opened about $65M of BTC shorts at 40x and still hold about $57M (details below), and one of them is liquidated just 1.2% above the current price.
3. The reloaded ETH whale is still large, and still underwater. The two main addresses, 0x77dd…e0e9 and 0x0392…d7d9, hold $198M of ETH longs between them (about 79,000 ETH at 13–14x). They are down $6.6M combined, on about $20.5M of equity. Their liquidation prices are 2,287 and 2,300, roughly 8–9% below where ETH trades now.
Big flow did not lean with the rally. Taking only taker trades of $100K or more, excluding market makers and liquidation backstops: BTC +$6.3M (only 2% of big-trade volume), ETH −$12.2M (net selling even as ETH rose 0.7%), HYPE −$2.3M. Silver on Hyperliquid (xyz:SILVER) saw $3.2M of big sells and no big buys.
Whale moves
The 40x shorts at 83,000. Three wallets opened BTC shorts on Oct 10, all at 40x:
- 0xf15d…ddf9: $24.6M short, entry 83,013, liquidation 84,028, about 1.2% above the current price. There is about $608K of equity behind it. This is the same wallet we flagged yesterday for opening $25.4M of shorts near the Oct 9 high. Yesterday it closed that position and opened it again at almost the same size, trading $50M of BTC in total.
- 0xec4a…cf62 opened $28.3M of BTC shorts around 83,035 and still holds $19.5M of them. It is cross-margined alongside smaller longs in TAO, SPX, LIT and CASHCAT. Its BTC liquidation is around 107,800.
- 0xc3ed…00dd closed $24.6M of BTC shorts on Oct 9 for a $330K profit, then re-shorted $12.4M at 82,745 yesterday. Liquidation 95,366.
On the long side:
- 0x020c…5872, the 25x ETH long we flagged yesterday, added 1,300 ETH. It now holds 13,300 ETH ($33.3M) with an entry of 2,544 and about $1.2M of equity. Its liquidation price moved up to 2,465, about 1.6% below the price.
- 0x0c4a…1b19 holds a $25.1M BTC long at 40x, entered at 84,177. It is slightly underwater, with liquidation at 77,496 (−6.6%).
- 0x082e…ca88 still holds its 1.38M HYPE long ($117M), up $63.8M from 38.68. Liquidation 76.47, about 10% down.
Two of our Telegram push events from yesterday are worth a look: a 3.3x ETH long pushed at 2,466 (event 1010) is up 5.3% on margin, and an 8.5x WLD long pushed at 0.5272 (event 1015) is up 49% on margin as WLD rallied.
The chart: who is closest to the edge
Each bar is one large position, measured from the current price to its liquidation price. Green bars point left: those longs get liquidated if the price falls that far. Red bars point right: those shorts get liquidated if the price rises that far. The two shortest bars sit on opposite sides. A 40x BTC short is liquidated 1.2% up, and a 25x ETH long is liquidated 1.6% down. Both are $25–33M positions on about $0.6–1.2M of equity. The largest positions in the picture, $198M of ETH longs and $117M of HYPE longs, are 8–10% away.
Live maps with every tracked wallet: BTC · ETH · HYPE. On any coin page, the new Liquidations toggle on the chart shows every day's actual liquidations as dots.
Levels to watch
BTC (≈83,000)
- Above: 84,000–84,100, the $24.6M 40x short (+1.2%). Then 84,500–85,000: $17.6M across two wallets (+1.8%). The big block is at 91,500–92,000: $61.7M, almost all of it one $59.9M short entered at 78,477 (+10.6%).
- Below: 80,000–80,500: $11.1M, one wallet (−3.6%). Then 77,000–77,500: $26.6M, mostly the 40x long above (−6.6% to −7.2%).
ETH (≈2,506)
- Below: 2,460–2,470: $33.3M, the 25x long (−1.6%). 2,370–2,380: $28.8M (−5.2%). 2,285–2,300: the reloaded whale, $198M (−8% to −9%).
- Above: within 5% there is only $278K of shorts. The next real cluster is 2,740–2,780, about $52M (+9% to +11%).
HYPE (≈84.9)
- Nothing tracked within 5% on either side. 76.00–76.50: $119.8M, almost all of it the $117M long (−10%).
Data: Hyperliquid on-chain fills, liquidations and positions, compiled by CryptoAnimon. Positions and prices as of Oct 11, 05:40 UTC; "yesterday" covers Oct 10 UTC. The Oct 10, 2025 comparison counts liquidation fills on Hyperliquid's trade tape.
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