Mysterious crypto whale risks $80M on Bitcoin, oil, and S&P 500 bets

A large trader, known as a whale, has opened an $80 million leveraged position across Bitcoin, oil, and S&P 500 contracts. The bets were placed on the decentralised exchange Hyperliquid over two days. This follows a history of significant losses on similar high-risk trades.

The move comes as geopolitical tensions push oil prices above $100 per barrel, while Bitcoin recovers after a recent dip. Between Tuesday and Wednesday, the whale built the position using multiple trades on Hyperliquid. They placed a $40 million short on Bitcoin near $68,760, using 7x leverage. The liquidation price for this trade was set at $80,083.

At the same time, the trader took a $2 million short on synthetic S&P 500 Index contracts. They also went long on Brent crude oil with a $37 million position, setting the liquidation price above $93 per barrel. The total leverage across all positions reached 7x, increasing risk exposure.

This isn't the first time the whale has made bold, high-leverage trades. In December 2025, they lost $37 million on crypto positions. Another $40 million loss followed in February 2026 after reversing profitable short trades. The latest move follows a 4% rise in S&P 500 futures, which may have influenced the timing.

The oil market has seen sharp volatility due to recent conflicts. Since late February 2026, Iran's blockade of the Strait of Hormuz, US-Israeli airstrikes, and attacks on oil facilities in Saudi Arabia and Qatar have disrupted supply. Brent crude now trades above $100, while European gas prices have nearly doubled to €59.3 per MWh. Around 20% of global oil and gas transport passes through the strait, which is now largely impassable.

Bitcoin, meanwhile, rebounded above $68,000 after dropping to $66,000 earlier in the week. The whale's latest $80 million bet spans Bitcoin, oil, and stock index contracts. If prices move against them, the high leverage could lead to rapid liquidations. The trader's past losses suggest a pattern of aggressive, high-risk strategies in volatile markets.

Ongoing geopolitical tensions and oil supply disruptions continue to drive energy prices higher. Bitcoin's short-term recovery adds further uncertainty to the trader's positions.