Cryptocurrency markets have taught us one other laborious lesson about volatility. Considered one of HyperLiquid’s most high-profile merchants, generally known as the “anti-CZ whale,” noticed his income collapse. It generated over $61 million in income in simply 10 days. A dealer who constructed a popularity for brief promoting shortly after CZ acquired ASTER. He’s presently taking an enormous hit from his aggressive lengthy positions in ETH and XRP.
Revenue decreased from $100 million to $38 million
In keeping with knowledge shared by Lookonchain, simply 10 days in the past, anti-CZ Whale’s realized and unrealized income on HyperLiquid have been near $100 million. His accomplishments have made him a outstanding determine amongst perpetual futures merchants. His timing round high-profile market occasions usually attracted widespread consideration.
In simply 10 days, greater than $61 million in income disappeared.
This anti-CZ whale grew to become identified for brief promoting shortly after CZ acquired $ASTER.
10 days in the past, his complete revenue on #Hyperliquid was virtually $100 million.
However when the market crashed, his giant $ETH and $XRP longs dragged him down laborious — his… pic.twitter.com/xPP6TfZRgM
— Lookonchain (@lookonchain) November 21, 2025
Nevertheless, the current market downturn has fully ruined these winnings. As ETH and XRP got here below strain. The anti-CZ whale’s outsized lengthy place decreased his complete revenue to $38.4 million. It is a staggering drop of roughly $61 million in lower than two weeks. The pace of drawdowns highlights how rapidly leverage can erase even a powerful monitor file when circumstances change.
Excessive leverage, large danger
The on-chain dashboard exhibits the complete extent of his publicity. Considered one of his accounts, 0xbadb…9ee6, presently holds a protracted place of $27.44 million with a leverage ratio of 1.56x. His unrealized loss is -$3.09 million. Nevertheless, the account nonetheless has greater than $8.9 million in withdrawable margin.
The second account, 0x9eec…daAb, is in a way more harmful place. It has an enormous lengthy publicity of $255.15 million with leverage of 12.22x. The margin utilization fee is an incredible 95.40%. There’s little buffer left towards additional decline. This account has an unrealized lack of -$38.53 million. That is the principle reason for drawdown. Each accounts are totally lengthy, which means they can’t hedge towards sudden market declines. The second account has such a skinny revenue. Additional volatility may trigger speedy liquidations.
Market downturn hits aggressive merchants
The broad market downturn over the previous week has left high-leverage gamers struggling throughout main platforms. Each ETH and XRP fell sharply as buyers rotated capital and danger sentiment weakened. Throughout this era, Anti-CZ Whale, which held an outsized lengthy, was instantly within the line of fireside.
His scenario additionally illustrates the rising pattern in Hyperliquid. Affect merchants make giant directional bets that amplify their wins and losses. These performs appeal to followers and engagement. Merchants are additionally uncovered to dramatic fluctuations that may wipe out income quicker than they’re earned.
Repute examined by volatility
The anti-CZ whale grew to become a social media legend for exactly timing his shorts after CZ’s ASTER acquisition. Nevertheless, this current reversal highlights simply how unpredictable the crypto market is. Even essentially the most skilled gamers. It stays to be seen whether or not he doubles down, reduces his publicity, or withdraws altogether. However for now, the market is sounding a transparent warning. In crypto leverage buying and selling, fortunes can change immediately.
