Whale Trading Strategy Analysis: Capital Games on the Hyperliquid platform

Recently, as the market has warmed up, the actions of some large accounts on the Hyperliquid platform have once again attracted market attention. These big-money players, known as "Whales", have stirred up quite a wave on the platform with their strong financial strength, unique trading strategies, and precise grasp of the market. Their every move not only reflects market sentiment but also provides us with a window to observe how top traders strategize.

This article will analyze several traders with distinct styles, exploring their trading methods, risk preferences, and success or failure logic, attempting to reveal the wealth codes behind them and consider what lessons ordinary investors can learn from them.

Scalper: The Event-Driven and High-Leverage Art of "50x Guy"

This trader is an industry veteran who has been posting Bitcoin-related content on social media since 2014 and is a loyal supporter of Bitcoin. Interestingly, he chose to disappear from social media in 2015, only to regain attention in March 2025 after making over $9 million profit by shorting Bitcoin with high leverage.

His trading style is characterized by high risk and high return, often using 50x leverage, and he has a keen ability to capture market movements. For example, around the Federal Reserve's interest rate decision on March 20, 2025, he shorted BTC at a price of $84,566, closing the position for a profit of $81,500 when the price dropped to $82,000. He then went long at $82,200, closing the position for an additional profit of $921,000 when the price rebounded to $85,000, achieving a total return of 164%.

He is skilled at capturing event-driven and fleeting opportunities, demonstrating a unique market insight. In addition to leveraging major events like Federal Reserve interest rate decisions, he can also decisively enter the market during extreme panic. When Ethereum fell to around $1500 and the market was generally bearish, he chose to buy 3715 Ethereum for $5.5 million (average price of $1493.5) and sold at $2502, making a profit of $3.74 million.

On May 12, the results of the China-US trade negotiations were announced, and the market is expected to experience fluctuations. He opened a short position on Bitcoin at $104,094, subsequently making a profit of $1.18 million.

As of May 13, his profit on Hyperliquid was approximately $2.82 million. Overall, his trading was not frequent, with only 3-4 trades in two months. Each trade was able to accurately predict short-term trends, and he was both bold and meticulous. However, this high-risk strategy is not suitable for ordinary users to imitate, and he often incurred losses in his trades with some small cryptocurrencies.

Coexistence of Legend and Controversy: MEME Coin Hunting and Whale Operations

Another well-known trader has been active on Hyperliquid since March 2025. His trading style tends to favor larger cycles (several days), and in addition to mainstream tokens, he also enjoys betting on MEME-themed tokens like TRUMP, Fartcoin, and PEPE. The high volatility of MEME tokens seems to be his main source of profit.

As of May 13, the unrealized profit from his long position in PEPE reached 23 million dollars, far exceeding the profits from other mainstream tokens.

He is relatively conservative in terms of leverage usage, setting different leverage multiples for different volatility. For example, the opening position for BTC is set at 40x leverage, while PEPE is only opened with 10x leverage.

He also established the largest user vault on Hyperliquid, but unlike the precision of personal operations, this vault is currently underperforming. Opening a long position on BTC at a price of $103,533, as of May 13, this position has lost about 10%, approximately $960,000. Over the past month, the overall return of this vault has been -8%. Nevertheless, it still attracted deposits of $10 million, of which $9.2 million was his own investment.

Overall, his earnings on Hyperliquid reached $45 million. His trading strategy primarily focuses on long positions, capturing opportunities during market uptrends. For example, he opened a 40x long position when the BTC price was $94,000, and when the price rose above $100,000, he realized a floating profit of $5.4 million. Although his trading win rate is not high (around 47%), he is still able to achieve massive profits through large positions and high leverage.

This trader is known in the community as a "legendary trader," but his success is also accompanied by controversy. Some accuse him of exploiting community trust for profit, such as promoting Meme coins to inflate prices before selling off, like the 2024 baby pepe pump and dump incident. However, he himself denies these accusations. Currently, these controversies and responses remain unverified.

His success largely stems from significant positions, often opening trades worth tens of millions or even over a hundred million. Coupled with a keen insight into market changes, this has resulted in high returns. Sufficient margin also keeps his liquidation price at a relatively high level. This style helps achieve a higher win rate, but if the trend is judged incorrectly, it can also lead to substantial losses.

The Mysterious Whale Showing Its Talents: Mainstream Coins Testing the Waters and Swinging Under Low Leverage

This mysterious Whale has only recently started to be active on Hyperliquid, initially drawing attention for investing over $8 million to go long on ETH. Since then, he has also profited over $8.16 million within a week by going long on XRP and SOL.

From the perspective of operating style, this Whale has strong financial strength, with initial opening capital reaching 36 million USD. He does not adopt extreme speculation in short-term trading, but chooses low leverage and extends holding time to maintain profits.

In terms of trading variety selection, he has currently only traded three mainstream altcoins: ETH, XRP, and SOL. Among them, ETH has made a profit, while XRP and SOL have incurred losses. From the trading strategy perspective, this Whale seems to lack decisiveness; initially, he only opened a position in ETH, and later chose to go long on XRP and SOL at high positions during the market surge. As a result, with the market correction, he may have faced psychological fluctuations and closed all orders. Although the final outcome is profit, from the operational style and mindset, it is not worth learning.

The Firm Contrarian of the Market: Can the Big Spender Bear Whale Laugh Last?

Compared to the Whale introduced earlier, this trader can currently be considered a temporary counterexample. As of the data on May 13, this address has a floating loss of 3.12 million USD from shorting BTC, ETH, and SOL.

Starting from May 10, this Whale has successively injected 50.5 million USD into Hyperliquid for short selling. The total amount of the positions exceeds 230 million USD, of which the position amount for BTC exceeds 110 million USD. He seems to be a strong bear in the market, with all 50.5 million USD allocated to positions and no closing operations for several days.

However, due to sufficient margin, the liquidation price of that address is difficult to reach (BTC liquidation price $142,000, ETH liquidation price $4,254, SOL liquidation price $294). In terms of overall position profit and loss, the current loss amount is only about 6%.

We cannot determine whether the direction of this Whale is ultimately correct; we can only continue to observe and see if this mysterious market contrarian can become the prophet who predicts the market in advance.

Summary

Looking at these Whales on Hyperliquid, we find that their trading strategies are unique, with no universally applicable "holy grail." Overall, Whales generally choose more liquid tokens such as BTC, ETH, SOL, and XRP as their targets. In terms of trading style, everyone has their own set of habits; some prefer high leverage, while others tend to predict the market in advance.

However, the positions and investments of these Whales are considered high-risk operations and are not suitable for ordinary investors to imitate. In the risky cryptocurrency market, investors need to continuously learn and develop their own trading systems in order to navigate the market fluctuations steadily.