Brazil's worst day in six years. On Hyperliquid, the bottom came five hours before Wall Street opened
Brazil's stock market had its worst day in six years on Monday, after Lula won a fourth term. The Ibovespa fell 13.9% to 176,608 after a circuit-breaker halt (Trading Economics). In New York, the EWZ Brazil ETF closed at 34.15, down 19.8% (Finviz).
Hyperliquid's xyz:EWZ perp had already priced most of that on Sunday night (see yesterday's piece). Monday was busier still: $118.9M traded, 134 times its normal volume, by 2,344 wallets.
The low came at 08:00 UTC, not 13:30
- Through Monday morning in Asia the perp sat quietly around 34.3.
- At 08:00 UTC, as London opened, it fell from 34.2 to 32.4 in five minutes. By 08:10 it was at 30.29, its low of the day. That is lower than anything EWZ printed on Wall Street, where the low was about 31.4.
- When New York opened at 13:30 UTC, the perp was around 31.8 and the ETF opened near 31.6. From there both climbed all day. The perp finished the UTC day at 34.17, two cents from EWZ's close.
- Hyperliquid liquidated $3.9M of EWZ positions, $3.7M of them longs.
Bought the calm, then held through the drop
0x8de4…b9aa bought $2.95M of EWZ between 07:44 and 08:04 UTC, at an average of 33.67. No wallet in our data added more EWZ that day.
Minutes later the floor fell out. At the 30.29 low the position was down about $296K, on an account that now holds $954K.
It didn't sell. It held through London, through the New York open, through the whole rally. At 00:12 UTC today, with EWZ back at 33.76, it sold everything: +$8.2K. Then it opened a $542K short.
The others
- 0x888e…6d77, the 20x short from yesterday's piece, finished closing on Monday by 16:40 UTC. Total profit on the trade: about $444K.
- 0x73f4…0d16 bought $814K from 01:14 UTC. At 08:00 $447K of it was liquidated at 33.22, a $20K loss. It sold the rest after the open for +$31K and has been short since.
- 0x7d0f…ea35 waited for Wall Street. Eight minutes after the open it bought $321K at 32.07, at 20x. It is up $18.8K.
The perp now trades at 33.91.
Live liquidation map for EWZ: cryptoanimon.com/w/en/c/xyz-EWZ.html. Tap the 🔔 next to a wallet page's title to get a Telegram alert when that wallet moves.
Data: Hyperliquid on-chain trades, liquidations, positions and account history, compiled by CryptoAnimon. Positions and prices as of about 05:00 UTC Oct 27. Wallet P&L from each wallet's Hyperliquid fills. Paper loss = position size × (average entry − 30.285 low).
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