A dealer often called “ETHMegaBear” has earned roughly $84 million in whole unrealized income by shorting Ethereum on Hyperliquid, a decentralized perpetual futures alternate, in keeping with information tracked by Lookonchain.
The #ETHMegaBear(0x20c2) has racked up over $80.9M in income by shorting $ETH — completely insane!
This dealer has been shorting $ETH on #Hyperliquid since 2024, constantly utilizing max leverage (beforehand 50x, now 25x).
He presently holds a 30,582 $ETH($88.9M) quick.… pic.twitter.com/wgL2Ba6bHO
— Lookonchain (@lookonchain) January 29, 2026
ETHMegaBear has been shorting $ETH on Hyperliquid since 2024, constantly utilizing most leverage. The dealer presently holds a brief place of 30,582 $ETH valued at roughly $86 million.
ETHMegaBear’s unrealized income on his Ethereum quick grew immediately as $ETH offered off throughout a broader market downturn. The second-largest crypto asset fell from above $2,900 to round $2,800, whereas Bitcoin dropped under $85,000 for the primary time since final December, per CoinGecko.
The fast downturn worn out roughly $360 million in leveraged positions in only one hour. Conventional markets have been additionally hit, with equities, tech shares, and gold all experiencing turbulence.
