Hyperliquid Whale Refuses to Sell 35 Million XRP as Market Slumps

Liquidations Cascade Across Global Derivatives Exchanges

Crypto liquidations reached $386.42M Tuesday morning as 94,997 traders faced forced margin position closures across major order books. According to CoinGlass transaction monitoring data, 88% of all recorded losses fell on long contracts, totaling $339.92M in wiped equity. Bitcoin and Ethereum led the liquidation volume with $100.74M and $49.31M respectively. Major operators pulled liquidity out of volatile trading instruments ahead of upcoming US macroeconomic triggers and midterm elections.

Retail investors locked in losses en masse while on-chain analytics recorded a heavy bearish skew among accounts holding balances of $1M or more. Total open interest for large wallets reached $4.5B, with short contracts claiming $3.08B against a modest $1.46B in long exposure. Leviathan addresses with positions of $50M or larger bet aggressively on further downside across spot and derivative venues. The broad market correction triggered an urgent restructuring of risk profiles among institutional market makers.

Hyperliquid Whale Defends Massive Long Position

A lone trader on the Hyperliquid platform held a 35.03M XRP long position valued at $44.05M at 10x Cross leverage. On-chain records confirmed the average entry price sits at $1.1298, leaving the position with a liquidation threshold of $0.9626. The current market price around $1.2558 provided the trader a buffer of roughly 23% above the automated closure point. This single position accounted for nearly 80% of all large-wallet XRP longs on the decentralized derivatives venue.

Large wallets on Hyperliquid maintained a heavy short bias overall, holding $80.93M in shorts against $55.70M in longs for the asset. Despite the prevailing downward pressure, unrealized profit for the whale surpassed $4.47M at morning peak momentum. Net PnL for the wallet over the preceding 30 days dropped by $8.45M due to spot volatility. The contract served as a primary gauge of altcoin resilience while other tokens traded lower.

Binance Suffers Record Outflows After Hack

Binance posted a record $15.4B weekly net capital outflow following a $6.3B exploit officially attributed by the FBI to North Korean state cyber units. Legal analyses conducted by Reed Smith and Lathrop GPM confirmed that exchange insurance policies will not cover the damage. Standard D&O insurance protects only top management, while war exclusion clauses rule out payouts for cyberwarfare waged by foreign states. The massive capital flight surpassed the combined reserves of multiple competing trading venues.

The weekly withdrawal volume exceeded the individual reserves of Bybit and Bitfinex combined, keeping native token BNB pinned near local lows. Exchange founder Changpeng Zhao addressed the incident by highlighting the vulnerability of traditional banking IT architecture compared to digital asset platforms. Meanwhile, US spot Bitcoin ETFs registered $398.62M in net daily outflows, led by Fidelity fund FBTC shedding $164M. Total assets under management across all crypto exchange-traded products settled at $95.83B as per SoSoValue.