Bitcoin ( BTC) is balancing just above the $84,000 mark once again, and the Hyperliquid derivatives trader who stirred things up with his sizable 40x short yesterday is once again back in the game. The trader has roughly $22 million in USDC parked at Hyperliquid, the decentralized derivatives exchange platform. Yesterday, the entity pocketed some profits and pared down portions of its 40x short position against bitcoin ( BTC).

The trade has a notional value of $524 million at press time.

Today tells a different tale. The trader’s entry price is approximately $83,898, while the liquidation price stands around $85,565. If BTC falls below $83,898, it indicates that the short position is moving in the trader’s favor, as the entry price is exceeded on the downside, likely locking in gains.

BTC/USD at 2:45 p.m. ET on Monday. The two green candles have not been nice to the Hyperliquid trader.

Conversely, if BTC manages to climb to the $85,565 area, it means the position is approaching a critical threshold where the exchange will automatically close the trade to limit losses.

Much like yesterday, the trading range remains fairly tight, and bitcoin’s price could swing in any direction. That is, unless the infamous trader holds insider insights unknown to the public. Either way, the situation teeters on a knife’s edge with millions at stake. At press time, the trader who switched his account name to “Tether FUD” sits at number 11 on the Hyperliquid leaderboard. In the past 30 days, the trader has posted an ROI of roughly 54.06%.

Currently, with prices above the $84,000 mark, the trader’s floating profit has dipped into negative territory, meaning losses are mounting. Data indicate that the position is down about $3.7 million as of now.

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