With the market picking up, the whale operations on Hyperliquid once again attracted market attention.

These mysterious big players known as ‘Whale’ rely on their strong financial strength, unique trading strategies, and precise grasp of the market pulse to set off waves of ripples on the platform. Their every move not only amplifies market sentiment but also provides us with a window to observe how top traders are playing the game.

Analyzing their distinctive trading styles, risk preferences, and success logic. Here, PANews attempts to uncover a corner of their wealth password and explore what experiences and lessons ordinary investors can draw from it.

Short-term sniper @qwatio: The event-driven and high-leverage art of ‘50x Brother’

This trader is an industry OG, who has been posting related content about Bitcoin on Twitter since 2014, and the style of the content looks like a loyal Bitcoin fan. I wonder why,@qwatioDisappeared from social media in 2015. It wasn’t until March 2025 that the intense discussion on social media was sparked by making over $9 million in profit from shorting Bitcoin with high leverage. On-chain investigator ZachXBT stated that the source of the funds was related to hackers.@qwatioChoose to disclose identity in response to questioning.

@qwatioHis trading style is characterized by high risk and high returns, often using 50x leverage, with a keen ability to capture the market. For example, around the Fed interest rate decision on March 20, 2025, he shorted when the BTC price was $84,566, closed the position at $82,000, making a profit of $81,500. He then went long at $82,200, closed the position at $85,000, earning an additional $921,000, realizing a total profit of 164%. He is also known on social media as the ‘Hyperliquid 50X Brother’.

From his trading strategy perspective,@qwatioSpecializes in capturing event-driven and short-term opportunities, also demonstrating unique market insights. The battle of fame mentioned above is to use the expectation of the Fed interest rate decision to infer that there will be short-term opportunities in the market and repeatedly operate to obtain huge profits in the short term. At the same time, he can also decisively enter the market in moments of extreme panic. When Ethereum fell to around 1500, the market was pessimistic about Ethereum.@qwatioThen choose to spend $5.5 million to buy 3715 Ethereum (at an average price of $1493.5), and sell at a price of $2502, making a profit of $3.74 million.

On May 12, the results of the China-US trade negotiations were announced, and it is foreseeable that the market will experience a wave of volatility.@qwatioChoosing to short Bitcoin at $104,094 and then making a profit of $1.18 million.

As of May 13th,@qwatioWith a profit of about $2.82 million on Hyperliquid. In summary,@qwatioThe trading frequency is not high, with only 3 to 4 transactions in the past 2 months. However, each transaction can accurately predict a short-term trend. The trader is skillful and daring, with liquidation always on the edge. However, this style is not suitable for general users to imitate, as losses often occur in transactions involving several counterfeit tokens.

Legendary and controversial coexist: James Wynn’s MEME coin hunting and large fund operations

James Wynn has been active on Hyperliquid since March 2025. In terms of trading style, James Wynn tends to prefer relatively larger timeframes (several days), and in addition to mainstream tokens, James Wynn also likes to speculate on MEME-themed tokens such as TRUMP, Fartcoin, and PEPE. The high volatility of MEME tokens seems to be his main source of profit.

As of May 13, those who still hold long positions in PEPE have unrealized profits of up to 23 million US dollars, far exceeding the returns of other mainstream tokens such as BTC.

However, in terms of leverage usage, James Wynn seems to be more conservative, as he appears to prefer setting different leverage ratios for different volatilities. For example, the opening position for BTC is set at 40x leverage, while for PEPE, it’s only 10x leverage.

In addition, James Wynn has also established the largest user treasury on Hyperliquid (Moon Capital). However, unlike his personal precise operations, the current position effect of this treasury is not ideal. Long BTC at a price of 103533, as of May 13, the position has a yield rate of approximately -10%. A loss of about $960,000. In the past month, the overall yield rate of this treasury is -8%. Nevertheless, it has attracted deposits of $10 million, of which $9.2 million are from James Wynn himself.

Overall, James Wynn has made $45 million in profits on Hyperliquid. His trading strategy mainly focuses on long positions to capture market uptrends. For instance, he opened a 40x long position when the BTC price was $94,000, and when the price rose to over $100,000, he made a floating profit of $5.4 million. Despite a relatively low win rate (about 47%), he still manages to make huge profits through large positions and high leverage.

James Wynn is known as the ‘legendary trader’ in the community, but his trading success is also accompanied by some controversy. Some community members accuse him of profiting from community trust, such as promoting Meme coins to drive up prices and then selling off, as in the case of the baby pepe pump and dump incident in 2024. However, he himself responded that this is baseless. As of now, these controversies and responses are in an unverifiable state.

Overall, James Wynn’s successful trades also benefited from his large position, with each opening easily reaching tens of millions or even billions. Coupled with his keen insight into market changes, this has led to his high returns. Sufficient margin also ensures that his liquidation price reaches a very high threshold. This style helps him achieve a relatively high winning rate, but once the trend judgment is wrong, he may also encounter significant losses.

The mysterious Whale showing its edge: mainstream coins testing the waters and swinging under low leverage

This mysterious Whale is another big player that frequently appears in the news flash. However, this Whale has only recently become active on Hyperliquid in the past few days, initially drawing attention for spending over $8 million to long ETH. Subsequently, the address also profited over $8.16 million within a week by longing XRP and SOL.

In terms of trading style, this Whale shares the same characteristics of having strong financial strength, with an initial fund of $36 million. Moreover, this mysterious Whale does not engage in extreme speculative short-term trading, but chooses low leverage and extends the holding period to maintain profits.

In terms of the selection of trading varieties, the Whale has only traded ETH, XRP, and SOL, the three mainstream altcoins, so far. Among them, ETH has made a profit, while XRP and SOL have suffered losses. In terms of trading strategy, the Whale seems indecisive, initially only opening positions in ETH, and then choosing to long XRP and SOL at high levels during the market surge. As the market retraced, the Whale may have also experienced psychological fluctuations. Therefore, closing all orders, although ultimately profitable, is not worth learning from in terms of trading style and approach.

The Market’s Resolute Contrarians: Can the Bearish Whale Laugh Last with Lavish Spending?

Compared to the Whale introduced earlier, this Whale can be regarded as a temporary negative example. As of May 13th, data shows that this address has a floating loss of 3.12 million US dollars by shorting BTC, ETH, and SOL.

Starting from May 10th, the Whale began to inject $50.5 million into Hyperliquid for shorting. The total amount of positions held exceeds $230 million. Among them, the position amount on BTC exceeds $110 million. This Whale seems to be a staunch bear in the market, with the entire $50.5 million invested in positions, and has not closed the positions for several days.

However, due to the strong margin, the liquidation prices for this address are relatively difficult to reach (BTC liquidation price is $142,000, Ethereum liquidation price is $4254, SOL liquidation price is at $294). In terms of the overall position P&L, the current loss is only about 6%.

Of course, we cannot conclude whether the final direction of this Whale is right or wrong. We can only continue to observe and see if this mysterious market rebel is a prophet who predicts the market in advance or acts arrogantly with wealth.

Looking at these ‘domineering’ whales on Hyperliquid, we can easily find that their trading routines are diverse, and there is no ‘Holy Grail’ that can be universally applied. However, overall, whales tend to choose BTC, ETH, SOL, XRP, and other tokens with higher liquidity as their targets. In terms of trading style, everyone has their own habits, with some keen on high leverage and others accustomed to predicting the market in advance. But it is obvious that the positions and investments of these whales are like licking blood on the edge of a knife, which is not advisable for ordinary investors and cannot be replicated. After all, in the treacherous and turbulent crypto ocean, only by continuously learning and forming one’s own trading system can one navigate steadily through the stormy waves.

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