Hyperliquid's Top Short Position Liquidated for $199M as Bitcoin and Ethereum Surge on January 22

On Jan. 22, a major Hyperliquid short seller (address 0xd83, known as “空军总司令”) suffered $199 million in liquidations after Bitcoin rose 2.3% and Ethereum jumped nearly 5%, triggering a broad squeeze. Data from HyperInsight and Coinglass shows the trader had built nearly $500 million in short exposure across ETH, XRP, and other tokens. Despite using cross margin, the account was hit by successive liquidations around 3:30 a.m. UTC, including a single $40.22 million event.