A trader known as “ETHMegaBear” has earned roughly $84 million in total unrealized profits by shorting Ethereum on Hyperliquid, a decentralized perpetual futures exchange, according to data tracked by Lookonchain.
The #ETHMegaBear(0x20c2) has racked up over $80.9M in profits by shorting $ETH — absolutely insane!
This trader has been shorting $ETH on #Hyperliquid since 2024, consistently using max leverage (previously 50x, now 25x).
He currently holds a 30,582 $ETH($88.9M) short.… pic.twitter.com/wgL2Ba6bHO
— Lookonchain (@lookonchain) January 29, 2026
ETHMegaBear has been shorting ETH on Hyperliquid since 2024, consistently using maximum leverage. The trader currently holds a short position of 30,582 ETH valued at approximately $86 million.
ETHMegaBear’s unrealized profits on his Ethereum short grew today as ETH sold off during a broader market downturn. The second-largest crypto asset fell from above $2,900 to around $2,800, while Bitcoin dropped below $85,000 for the first time since last December, per CoinGecko.
The rapid downturn wiped out approximately $360 million in leveraged positions in just one hour. Traditional markets were also hit, with equities, tech stocks, and gold all experiencing turbulence.