- Whale loses $2.91M after $ENA drops 10% in minutes on Hyperliquid exchange.
- Linked wallets totaling $70M in ENA, BTC, and ETH completely liquidated.
- Speculation links the trade to Andrew Kang amid widespread market volatility.
Dramatic turn of events, a mysterious whale’s $2.91M position in $ENA (Ethena) was completely liquidated on Hyperliquid, as revealed by Lookonchain on October 22, 2025. The crash, marked by a steep 10% drop in just minutes, triggered the wipeout of two wallets linked to the whale, who had previously amassed a $70M position across $ENA, $BTC, and $ETH.
The chart from Hyperliquid shows a sharp decline around 23:00 UTC, with a surge in volume hitting 1.506M, signaling intense market activity. This liquidation follows a broader trend of volatility in the crypto market, with $ENA’s price dropping 6.47% in 24 hours to $0.43486.
Breakdown of the Crash: Timing, Strategy, and Data Insights
The whale’s strategy involved going long on $ENA while shorting $BTC and $ETH, a risky move that backfired as $ENA’s price plummeted. Data indicates the liquidation occurred 101 minutes before the post, with both wallets showing no remaining positions.
This incident echoes a larger $1.23B liquidation event on Hyperliquid earlier this month, highlighting the platform’s high-stakes environment. Speculation on X points to Andrew Kang, a known high-leverage trader, as the potential whale, though he has denied direct involvement, attributing it to a friend’s wallet.
Speculation Around Trader Identities and On-Chain Reactions
This event underscores the perils of leveraged trading in a volatile market. $ENA’s low liquidity and hype-driven price swings created a perfect storm, catching even seasoned players off guard. For investors, it’s a stark reminder to assess risk carefully, especially in assets prone to sudden drops. As the crypto community watches, the fallout may influence future trading strategies on platforms like Hyperliquid.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
