A trader known as « pension-usdt.eth » saw his short position of 50,000 ETH liquidated in just twelve seconds on the Hyperliquid platform, causing a loss of $24 million, nearly half of his annual gains of $49 million. The liquidation took place in five successive forced sales, each pushing the price of Ether higher and making the next one more expensive, for a total increase of $43 in a few seconds. Hyperliquid’s insurance fund absorbed the final 1,417 ETH of the position. This event is part of a broader movement: $2.74 billion in short positions were liquidated within 24 hours across the crypto market, as the simultaneous rise of Bitcoin and Ether caught many short sellers off guard.
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