Hyperliquid Legend Faces Rare Loss
The crypto community is closely watching the trading activity of the well-known on-chain trader “0xc2a3,” who recently closed all long positions and opened a massive $28 million short on Ethereum with 25x leverage.
According to blockchain analytics, the position is now deep in the red, with an unrealized loss of nearly $29 million. This marks a dramatic turn for the trader, who until now had never recorded a losing trade.
From Perfect Record to Major Drawdown
The trader “0xc2a3” became something of a legend on the Hyperliquid platform, celebrated for his flawless strategy and consistent profits. Over time, his total realized gains exceeded $33 million, cementing his reputation as one of the top-performing whales in the market.
However, the recent move to short Ethereum at high leverage has shaken that image. With ETH prices rebounding sharply, the position quickly turned negative, triggering widespread speculation about whether liquidation could follow.
Market Watching for Next Move
Traders and analysts are keeping a close eye on 0xc2a3’s wallet and Hyperliquid positions, as this could be a pivotal moment in his trading career. If the market continues to rise, losses could escalate further, testing even a veteran’s risk management discipline.
While the current red numbers are significant, many believe that this whale may still have strategies in place to recover — or even turn the trade around if Ethereum reverses course.
