Hyperliquid Whale Clings to $44M XRP Long as $386M in Trades Get Liquidated

One whale on Hyperliquid is refusing to fold. Wallet 0x31b1ecf848443472e34d204a134812d86ab01434 holds a 35.03 million XRP long worth $44.05 million at 10x cross leverage, with an average entry of $1.1298 and a liquidation threshold sitting at $0.9626. With XRP trading near $1.2558, that leaves roughly a 23% cushion before the position gets force-closed, according to u.today.

The bet stands almost alone. Nearly 80% of all large-wallet XRP longs on Hyperliquid belong to that one address, and the broader ledger is lopsided the other way: $55.70 million in longs against an $80.93 million wall of shorts. Across wallets holding $1 million or more, open interest totals $4.5 billion, with $3.08 billion of it short. At one point the whale's unrealized profit topped $4.47 million, though the wallet's 30-day net PnL is down $8.45 million.

The morning was brutal for everyone else. Some 94,997 traders were liquidated for $386.42 million in 24 hours, and 88% of that pain — $339.92 million — landed on longs, per CoinGlass. Bitcoin led the carnage with $100.74 million, followed by Ethereum at $49.31 million. NEAR slipped to $3.79 and BNB traded down at $697.67.

Money is walking out of exchange-traded products too. US spot Bitcoin funds bled $398.62 million in net daily outflows, with Fidelity's FBTC taking the biggest hit at $164 million, while 44,857 ETH left spot Ethereum ETFs, according to SoSoValue. Total crypto ETF assets under management sit at $95.83 billion. SOL funds lost 129.19 thousand coins, XRP products shed 128.54 thousand tokens, and HYPE and ZEC vehicles dropped 85.07 thousand and 13.53 thousand coins respectively.

Binance is nursing its own wound. The exchange posted a record $15.4 billion weekly net outflow after a $6.3 billion hack that the FBI attributed to North Korean state cyber units, per u.today. Lawyers at Reed Smith and Lathrop GPM found the exchange's insurance policies won't cover the damage — standard D&O coverage protects only top brass, and war exclusion clauses kill payouts in state-sponsored cyberwarfare. Founder Changpeng Zhao used the moment to warn that AI-driven automated attacks pose a rising risk to the financial system, arguing commercial banks are more exposed than crypto platforms thanks to outdated IT.

Meanwhile Hyperliquid keeps stacking wins, with annual revenue hitting $713 million and perpetuals volume on stocks and commodities through HIP-3 topping $500 billion. The operator of the New York Stock Exchange and Kraken are preparing regulated US futures with White House backing. Elsewhere, NEAR's House of Stake passed the deflationary HSP-029 with 99.96% support, cutting annual emissions to 1.6% over 24 months, down from 2.5%, and trimming daily issuance by 32,200 tokens, now at 57,300. Traders now watch Tuesday's JOLTS data and the US midterm elections, then ISM services, the Fed balance sheet and Friday's Nonfarm Payrolls.