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<p>A few hours ago, someone put $41M on Bitcoin using 40x leverage on Hyperliquid.

The question everyone was asking: "What do they know?"

... here's the better question:

Did they understand what they were risking?

At 40x leverage, your maintenance margin is approximately 2.5% of notional value.

The trader entered at $71,441. Liquidation sat at $70,001. $BTC is now at 68.7k.

Meaning they've either been liquidated or are covering HARD rn.

Most people see "$41M" and assume size equals conviction.

It doesn't.

Size x leverage = exposure.

And 40x leverage means the market barely has to move to wipe the entire position.</p>

A few hours ago, someone put $41M on Bitcoin using 40x leverage on Hyperliquid.
The question everyone was asking: "What do they know?"
... here's the better question:
Did they understand what they were risking?
At 40x leverage, your maintenance margin is approximately 2.5% of notional value.
The trader entered at $71,441. Liquidation sat at $70,001. $BTC is now at 68.7k.
Meaning they've either been liquidated or are covering HARD rn.
Most people see "$41M" and assume size equals conviction.
It d

A few hours ago, someone put $41M on Bitcoin using 40x leverage on Hyperliquid. The question everyone was asking: "What do they know?" ... here's the better question: Did they understand what they were risking? At 40x leverage, your maintenance margin is approximately 2.5% of notional value. The trader entered at $71,441. Liquidation sat at $70,001. $BTC is now at 68.7k. Meaning they've either been liquidated or are covering HARD rn. Most people see "$41M" and assume size equals conviction. It doesn't. Size x leverage = exposure. And 40x leverage means the market barely has to move to wipe the entire position.

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