• Hyperliquid whale has triggered new dynamism in the crypto market.
• Crypto traders suspect the Changpeng Zhao (CZ) is the unidentified Hyperliquid whale.
• Whale’s actions highlight the limitations of perpetual trading platforms.

An unidentified whale on the Hyperliquid decentralized perpetual exchange has launched the crypto market into a new level of dynamism. 

This trader’s huge trading amounts and constant activity in leveraged positions have led crypto community members to try and figure out who this person is.

Could CZ Be Behind the Hyperliquid Whale?

One person guessing, even used a video clip from an action movie to joke that former Binance CEO Changpeng Zhao might be behind these massive trades on Hyperliquid.

According to reports, the whale placed a massive $445 million leveraged short on BTC via Hyperliquid. Analysts think a trade this size can really push the market in a certain direction, especially when things are already shaky. 

Looking closer at the position, it showed that the whale would be forced out (liquidated) if BTC’s price went up to $86,000.

Related: dYdX’s Loss is Hyperliquid’s Gain: DEX Market Share Shifts

Did Crypto Fans Try to Mess with the Whale?

When they realized this, several crypto community members tried to pump up BTC’s price to force the whale to close its big short position. 

The whale staged a resistance by raising an additional $5 million in USDC, thwarting the coordinated effort to kick him out of the market.

It’s worth noting that this whale wasn’t just focused on BTC, nor did he pursue only short trades. Reports show the whale also had a 5x leveraged long position on MELANIA, a meme coin connected to MKT World LLC, which is reportedly owned by Melania Trump. They also took a long position on Chainlink (LINK) worth $31 million with 10x leverage, according to Lookonchain.

How Much Money Has the Whale Made?

Besides these trades, Lookonchain’s report shows this whale has made almost $17 million on Hyperliquid in the last month. 

However, despite his wins, many analysts think the situation highlights some limitations of perpetual trading platforms like Hyperliquid, allowing users to trade massively leveraged positions.

Related: Crypto Dip Saw Whales Accumulating: These 3 Altcoins Were Their Targets 

It highlights how a few people with a lot of money can really change how market situations play out. Many users worry this could be bad for the crypto market’s future.