The two biggest BTC short whales on Hyperliquid are both getting wrecked right now—together they're staring down nearly $50 million in unrealized losses on their open positions. We're talking about wallets 0x5b5d and 0xb83d, both running 5x leverage.

What Happened

Trader 0x5b5d is shorting BTC with a massive $217.4 million position at 5x leverage, and right now that trade is underwater by $28.4 million. Meanwhile, 0xb83d is short BTC for $132.5 million (also 5x) and is down $20.2 million in unrealized losses.

Position Details

Both are holding leveraged BTC shorts at 5x. As it stands, 0x5b5d is deep in the red by $28.4 million, and 0xb83d is down $20.2 million, adding up to almost $50 million in paper losses. These numbers reflect their current open trades on Hyperliquid, and those unrealized PnL figures are moving targets as the BTC price shifts.