According to data tracked by Lookonchain, a trader known as ETHMegaBear made unrealized profits totaling approximately $84 million by shorting Ethereum on Hyperliquid, a decentralized perpetual futures exchange.
#ETHMegaBear(0x20c2) accumulated over $80.9 million in short selling profits $ETH —This is completely insane!
This trader is selling short $ETH Since 2024, #Hyperliquid has consistently used maximum leverage (previously 50x, currently 25x).
He currently holds 30,582. $ETH($88.9 million) Short… pic.twitter.com/wgL2Ba6bHO
— Lookonchain (@lookonchain) January 29, 2026
ETHMegaBear is shorted $ETH Continuously using maximum leverage on Hyperliquid since 2024. Traders currently hold 30,582 short positions. $ETH The value is approximately $86 million.
ETHMegaBear’s Ethereum short unrealized gains increased as follows today. $ETH It was sold amid an overall market downturn. The second-largest cryptocurrency fell from more than $2,900 to around $2,800, with Bitcoin falling below $85,000 for the first time since December of last year, according to CoinGecko.
The rapid economic downturn wiped out around $360 million in leveraged positions in just one hour. Traditional markets were also hit, with stocks, tech stocks and gold all experiencing turmoil.
