Crypto whale positioning turned increasingly bearish after a trader known as Evaded expanded a leveraged Bitcoin short on Hyperliquid to roughly 990 BTC worth nearly $74.84 million.

The trader closed long positions in Hyperliquid’s HYPE token and Zcash before rotating aggressively into a 15x leveraged Bitcoin short as broader crypto market momentum weakened.

The wallet also absorbed nearly $591,000 in losses on Ethereum positions before unrealised profits on the Bitcoin short later climbed beyond roughly $783,000.

The positioning shift reflected growing caution across crypto derivatives markets as traders reduced exposure to altcoins and speculative assets beneath weakening spot demand and repeated Bitcoin recovery failures.

Bearish…