Hyperliquid’s HYPE hit an all-time high of $64.21, and one trader’s short bet is unraveling in real time, according to Bitcoin.com.
Bitcoin.com reports that the trader opened the short ahead of HYPE’s recent price surge. The exit is already underway. The trader has sold more than $14 million worth of HYPE tokens, and more supply is still expected to hit the market as the unwinding continues.
Why it matters
Short positions can force selling when they’re under pressure. Bitcoin.com frames this as a bet that got squeezed as HYPE climbed fast enough to reach a record valuation.
The immediate risk is straightforward. When large positions unwind, they add market supply. That can matter even if the broader market trend remains bullish, because the local order flow around the unwind can tighten liquidity or increase volatility.
Market impact
Here’s what Bitcoin.com says the unwind has produced so far.
| Item | What Bitcoin.com reports |
|---|---|
| HYPE all-time high | $64.21 (reported as reached “yesterday”) |
| Unwind progress | Trader already sold more than $14M worth of HYPE |
| Total cited exit size | “$27M” headline figure for the dumping to exit the short |
| Ongoing selling | More supply still hitting the market |
What to watch next
Bitcoin.com’s report points to continued supply from the same position as the next variable. Watch whether the token’s upward move holds while this selling clears.
Also monitor whether other leveraged players react to the pressure created by the short unwind. In fast markets, one forced exit can cascade into new hedging and additional unwind activity.
The key detail is attribution. The numbers and the “short under pressure” framing come from Bitcoin.com’s account of the trader’s activity. Until more transaction-level detail is published, treat the story as a sign of mechanical selling risk rather than a definitive forecast for HYPE’s next move.