After the previously mentioned "230 million dollar liquidation" which was repeatedly brought up by various media, the address known as "1011 Whale" did not step away from the poker table. According to AiCoin data, this liquidation, amounting to approximately 230 million dollars, occurred on Hyperliquid, becoming a landmark event for it. Fast forward to the early morning of May 25, 2026, the same address appeared again on Hyperliquid: it first deposited around 40 million dollars USDC on the platform, and then opened a set of considerable new positions—on one side, it placed orders on Hyperliquid, eventually accumulating about 148,000 HYPE long positions, valued at approximately 9.127 million dollars, while on the other side, it shorted about 57,000 ZEC with roughly 3 times leverage, oscillating in nominal value between 37.5 to 38 million dollars. Currently, the HYPE side shows about 624,000 dollars in unrealized profits, while the ZEC short is suffering an unrealized loss of around 1.5 to 1.9 million dollars. Both positions belong to one account, resulting in a structure that presents a significant overall leveraged exposure with long and short hedging. The shadow of past liquidation and the newly increased opposing combination create a suspense: this time, is it aiming for a thrilling comeback, or is it pushing itself back to the brink of a second liquidation?

After the 230 million liquidation: How did the 1011 Whale return to the table

To understand the suspense of this high-leverage hedged position, we must rewind to that previously mentioned liquidation: earlier in a trading cycle, this address suffered a one-time liquidation loss of about 230 million dollars on Hyperliquid. This data came from a single public source but was repeatedly cited by multiple crypto media, leading to the spread of tags such as "1011 Whale," "the 1011 Whale with a 230 million liquidation," and "BTC OG insider whale" in the community. Although its true identity has not been confirmed by authoritative sources, this setback transformed the address from an ordinary large account into a "story character" in the eyes of on-chain analysts and emotional traders. Since then, every large action it takes on-chain has naturally been placed on a high-priority monitoring list.

What truly turned this story from a "failure memoir" into a real-time narrative was the deposit made early on May 25, 2026: the same address once again chose to deposit approximately 40 million dollars USDC on Hyperliquid instead of switching to another platform to "restart," and quickly opened a new round of leveraged positions. According to AiCoin data, in this operation, it combined HYPE long and ZEC short positions in a high-leverage structure under the same account, and the on-chain analytical account Ai Yi (@ai_9684xtpa) quickly disclosed the details of these positions, which were subsequently cited and forwarded by media such as Odaily, Deep Tide TechFlow, and BlockBeats. A liquidation did not drive it away from the poker table; rather, it made its return more dramatic, and this completely exposed on-chain process of adding and reducing positions turned every keystroke of the "1011 Whale" into a real-time sample of collective market tracking of high-leverage risk preference.

Betting on HYPE: The betting direction behind the spot profit

If the ZEC short is the most apparent risk knocker in this return, then the HYPE long position resembles a safety net it laid out itself. After completing the 40 million dollar deposit, this address displayed a clear buying plan on Hyperliquid: purchasing about 2.475 million dollars worth of HYPE at an average price of 61.98 dollars. According to AiCoin data, it has currently accumulated about 148,000 HYPE in spot, which is valued at approximately 9.127 million dollars based on the current price, and this single token position holds a remarkably noticeable weight in the account’s assets.

More importantly, under the condition that prices have not yet dramatically surged, this HYPE position has already recorded about 624,000 dollars in unrealized profit, contributing a rare positive return to the overall portfolio. Unlike the reckless "all-in leveraged long" during the liquidation, this time, without disclosing leverage information publicly, it first built up the spot position to nearly a ten-million dollar valuation using staggered orders, and then paired it with the ZEC short to open up the structure—this resembles a strategic trade focused on medium to short-term trends rather than merely betting on a single explosive day.

Shorting ZEC with three times leverage: hedge position or added risk?

Unlike the low-leverage HYPE spot, this account applied "hard leverage" on ZEC on Hyperliquid. According to AiCoin data, it shorted ZEC with approximately 3 times leverage, holding about 57,000 coins, corresponding to a nominal value range of approximately 37.5 to 38 million dollars. At the current price, this short position has already incurred about 1.5 to 1.9 million dollars in unrealized losses, with the single loss scale far exceeding the HYPE position's unrealized profit of about 624,000 dollars, shifting the entire portfolio’s risk center notably toward the ZEC short side.

From a directional perspective, the HYPE long and ZEC short compose a large opposing position combination within the same account. On the surface, it appears as a thematic bet of "long one side, short the other," but when broken down by scale and leverage, the nominal position of the ZEC short is several times the market value of the HYPE spot, resembling more of a directional gamble centered on ZEC rather than a neutral hedging position. Under the amplification of three times leverage, the two positions not only failed to substantially reduce risk but instead compounded to create higher account fluctuations: once ZEC continues to rally and HYPE experiences a simultaneous pullback, this combination will face pressure from both long and short ends, and the shadow of a second liquidation will quickly loom over this "1011 Whale."

On-chain watching and label dispute: OG insider or contrarian indicator?

Since the start of this HYPE long and ZEC short combination, this address has been closely scrutinized. The on-chain analytical account Ai Yi (@ai_9684xtpa) continuously posts its position screenshots and adjustment rhythms on Hyperliquid; even minor margin tweaks or closing a portion of HYPE plus adding a bit of ZEC shorts get organized into timelines. As media such as Odaily, Deep Tide TechFlow, and BlockBeats follow up with reports, they retrospectively tie back to that historical liquidation of approximately 230 million dollars, making every entry and exit of this trader appear as if they pressed an "announcement" button on public screens, prompting the audience to fill in the storyline of "second liquidation" or "king's return."

Under such close observation, the narrative around this whale has been split into two extremes: on one side are the believers who call it "BTC OG insider whale" and "1011 Whale," inclined to interpret the exaggerated positions as a pre-bet on some deep information; on the other side, it is seen as a living textbook of high leverage eras, with the liquidation of approximately 230 million dollars sufficiently illustrating that its trading relies more on guts rather than advantageous knowledge. It should be emphasized that these labels carry strong predictive connotations and there is no authoritative channel confirming its true identity or insider information sources. Only a string of addresses repeatedly opening high-leverage positions on Hyperliquid is publicly visible. Therefore, some traders begin to treat the movements of this address as emotional signals: some attempt to "copy homework," while others deliberately reference its position adjustments in the opposite direction. Regardless of which side they stand on, in the eyes of more people, the 1011 address is no longer just a whale account but a mirror reflecting market emotions repeatedly.

Second liquidation or thrilling comeback? What to watch next

When looking together at the approximately 624,000 dollars in unrealized profits from HYPE and the 1.5 to 1.9 million dollars in unrealized losses from the ZEC short, this 1011 address currently stands on an extremely high volatility, high-risk leverage balance beam: the nominal 37.5 to 38 million dollar ZEC short heavily outweighs the merely 2.475 million dollar scale of HYPE orders and existing longs, and should ZEC continue to rise, the shadow of the old 230 million dollar liquidation could be awakened at any time; conversely, if HYPE pulls back, those profits for the long will also quickly be consumed. What truly deserves focus next is not just the price itself, but whether it continues to add or reduce positions on Hyperliquid, whether it adjusts leverage ratios, and how the respective trends of HYPE and ZEC reshape the risk curve of this long-short hedging strategy. It should be emphasized that the market’s mentions of "1011 Whale," "insider whale," and similar tags remain at the level of rumors; there are no authoritative conclusions on who is behind this address, and all of its operations are better used as samples of high leverage on-chain, providing observations of how emotions and risks intertwine, rather than being treated as a replicable trading script.

Join our community to discuss together, and become stronger together!
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata
Exclusive Hyperliquid benefits from AiCoin: https://app.hyperliquid.xyz/join/AICOIN88
Exclusive Aster benefits from AiCoin: https://www.asterdex.com/zh-CN/referral/9C50e2

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。