<ul><li>A trader on Hyperliquid closed a $1.2B BTC long with a $17.5M loss and switched to a $1B short using 40x leverage.</li><li>The trader anticipated Bitcoin to surpass $110K but exited when the price dropped below $107K, resulting in the loss.</li><li>This move shocked the crypto community as the trader, known as 'moonpig', took a $50M bet against Bitcoin on Hyperliquid.</li><li>Despite the initial loss, the trader is currently up around $3M on the new short position and has a total profit of above $40 million on Hyperliquid.</li></ul>

Trader Swaps $1.2B BTC Long for $1B Short—Takes $17.5M Hit on Hyperliquid

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