Hacker opens $25.6m long bitcoin and short ethereum bet
A new wallet moved 3,100 ETH from TornadoCash into Hyperliquid, then took opposite 20x positions on both assets.
Key takeaways
- 1The wallet received 3,100 ETH from TornadoCash
- 2It opened 20x positions worth about $12.8m each on BTC and ETH
On 8 November 2026, a new wallet opened a $25.6m bet on the gap between bitcoin and ethereum, going long on the former and short on the latter.
On-chain data shows the wallet received 3,100 ETH from the TornadoCash mixer and sold it for 6.92m USDC. The funds were deposited into the Hyperliquid exchange, where the trader opened a 20x long on 169.47 BTC, worth $12.84m, and a 20x short on 5,740 ETH, worth $12.83m.
Hyperliquid is a crypto derivatives exchange known for high-leverage products. TornadoCash is a privacy tool that obscures the origin of funds, a feature that has drawn regulatory scrutiny in the US and EU.
The position sizes suggest the trader expects bitcoin to outperform ethereum in the near term. Market participants will watch for liquidations on Hyperliquid if prices move against the bet. Regulators may also examine the use of a mixer to fund such large trades.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.