Aggressive ETH and HYPE Short Seller Amasses Over $100M in Gains Through Russian Swing Trading Strategy

A prominent Hyperliquid trader operating under the moniker “20 million swing trader” (wallet: 0x880a) has emerged as the platform’s dominant short seller, particularly in ETH and HYPE contracts. The address recently intensified its bearish positions across both assets within the past 6 hours, signaling confidence in continued downward price pressure.

Current Position Scale and Market Dominance

The trader’s short portfolio presents a formidable on-chain presence. The ETH short exposure stands at approximately $68.3 million with an average entry around $3,132 and liquidation threshold at $3,767. Meanwhile, HYPE shorts total roughly $41.97 million, positioned at an average price of $31.7 with liquidation at $34.27. Combined, these positions exceed $111 million in notional value, cementing this address as Hyperliquid’s largest leverage short seller for both tokens.

Current market prices show ETH trading near $3,100 and HYPE at $23.39, placing both positions within reasonable margins of safety relative to liquidation levels.

Trading Pattern and Profit Generation

This address operates as a systematic swing trader, typically holding positions for approximately 20 hours before repositioning. The russian swing methodology has proven exceptionally profitable—since October, the wallet has converted an initial $20 million capital base into over $104 million in cumulative profits. Single-day gains occasionally spike dramatically; on the recent trading session, profits reached $1.3 million alone.

The evolution of strategy reveals calculated risk management. Earlier in the period, the trader maintained diverse short positions across PUMP, PAXG, and HYPE tokens, which represented 83.6% of total holdings. This diversification has since consolidated into a concentrated bet: ETH and HYPE shorts now comprise 98.6% of combined holdings, reflecting a strategic pivot toward the largest liquidity pools on the platform.

Market Implications

Such concentrated whale positioning often signals conviction in medium-term bearish technicals. The sustained profitability—averaging roughly $17.3 million monthly since October—suggests either superior execution timing or access to directional signals that other traders lack. For retail participants, monitoring large short positions provides useful context for volatility patterns and potential liquidation cascades that could temporarily spike prices.