Hyperliquid Whale Is Dumping $148M of ETH, SOL and XRP: 3 Liquidation Prices That Decide the Next Crash

A wallet linked to the $42 million UXLINK hack is unwinding $148 million in leveraged ETH, SOL and XRP longs on Hyperliquid — and the clock is ticking. The trader started a 16-hour TWAP sell-off on November 9 that ends at 06:00 GMT on Tuesday, November 10, right before the US CPI report lands. If prices slide far enough before the sell-off finishes, three forced liquidations kick in: Ethereum at $1,740, Solana at $65.60 and XRP at $0.94.

This is not a normal whale sale. The money traces back to a September 2025 exploit, the positions were opened in August at far higher prices, and the unwind is happening into the weakest market in months — Bitcoin at $74,500, Ethereum down 5.5% in a day, and more than $1.14 billion in leveraged positions already wiped out in 24 hours. Here is what the wallet holds, why the next 16 hours matter, and the three price levels that decide whether this ends as an orderly exit or a liquidation cascade.

What Just Happened: A $148 Million Unwind in 16 Hours

On-chain analyst Yu Jin (EmberCN) flagged the move on November 9: the wallet 0xde8d…9524 began closing its Hyperliquid long positions using a TWAP — Time-Weighted Average Price — tool. A TWAP breaks a huge order into small slices executed evenly over a set period, in this case 16 hours, so the market absorbs the selling gradually instead of all at once. The schedule runs until around 06:00 GMT on November 10, and on-chain trackers estimate the wallet will book a loss of roughly $3.3 million once the unwind completes.

The timing could hardly be worse for the seller — or better for anyone watching the levels. The unwind started on a Monday when crypto was already bleeding: Bitcoin had slipped to $73,510 overnight, its lowest since August 21, Ethereum had fallen to $2,060, and XRP was the worst performer among the top ten, down more than 6% in 24 hours. The TWAP adds a known, mechanical seller to a market that is already short of buyers.

Why does a TWAP matter more than a market sell? Because it is predictable. Every trader on Hyperliquid can see the wallet, estimate the remaining size, and trade ahead of it. That predictability is exactly why the three liquidation prices below matter so much: if the market pushes ETH, SOL or XRP toward those levels while the TWAP is still selling, the orderly unwind can turn into forced liquidations — and forced liquidations sell at any price.

The Three Positions, by the Numbers

The wallet holds three leveraged longs, all opened in August 2026 when prices were far higher. Together they are worth about $148 million. Here is the full breakdown, using the latest on-chain data reported by U.Today and KuCoin on November 9:

Position	Size	Value	Leverage	Liquidation price	Distance from current price
Ethereum (ETH)	30,282 ETH	~$55.5 million	15x cross	$1,740	–17.9% from $2,119
Solana (SOL)	550,000 SOL	~$47.6 million	10x	$65.60	–24.1% from $86.48
XRP (XRP)	35.03 million XRP	~$35 million	—	$0.94	–13.8% from $1.09

Ethereum is the biggest and most dangerous leg. The position was opened at an average entry of about $3,168 per ETH, according to blockchain security firm PeckShield — meaning the wallet is already sitting on a steep unrealized loss with ETH at $2,119, down roughly a third from its entry. It has also paid about $1.47 million in funding fees alone while holding the position, on top of the trading loss. The 15x cross leverage is what puts the liquidation price as high as $1,740: at that leverage, a 33% drop from entry wipes the margin out.

Solana is the most leveraged leg at 10x, but it has the most room: SOL would need to fall another 24% to $65.60 before the position is fully liquidated. XRP is the closest to the edge in percentage terms — just 13.8% below its current price of about $1.09. With XRP already down 12.4% in a week and 6% in a single day, that gap is uncomfortably small, and 90% of the $1.14 billion liquidated in the past day were long positions.

Who Is Behind Wallet 0xde8d…9524?

The wallet is linked to the exploit of UXLINK, a crypto social network with Telegram integration. In September 2025, attackers exploited UXLINK's multisig infrastructure to drain the treasury and mint new tokens. The total damage from the exploit and the subsequent crash of the UXLINK token was estimated at around $42 million.

Security researchers at PeckShield traced funds from the exploit through intermediary wallets to the Hyperliquid address. The collateral behind the leveraged bets appears to stem from an $11 million USDC transfer from another linked address, and the wallet began building its Hyperliquid positions in August 2026 — three months before the unwind started. At one point the ETH leg alone was about 21,550 ETH, worth roughly $68.3 million, before growing to the current 30,282 ETH.

The wallet's trading history tells the story of a bet that went wrong slowly, then all at once. The positions were opened when Ethereum traded near $3,168. By early November, ETH had fallen by a third, funding fees had eaten another $1.47 million, and the wallet's earlier unrealized profits had been erased by the market downturn.

It is worth stating plainly what this is and is not. This is not a hack of Hyperliquid — the exchange has denied any security breach, and the activity is a trader closing positions on a public, transparent venue. It is also not proof that the wallet's owner is the original attacker: on-chain analysts describe the address as "linked to" the exploit, and the funds passed through intermediary wallets. What is certain is the on-chain fact: a wallet with exploit-linked funds holds $148 million in leveraged longs, and it is selling them now.

Why This Sell-Off Matters More Than $148 Million

A $148 million sale sounds small next to a $2.5 trillion crypto market. It matters for four reasons that have nothing to do with its size.

First, the market is already fragile. Bitcoin fell to $73,510 on November 9, its lowest since August 21, and Ethereum closed Sunday below its 200-day moving average for the first time since August 18. US spot Bitcoin ETFs lost $1.28 billion in the week to November 6 — their largest weekly outflow since late June — flipping 2026 flows negative. The Crypto Fear and Greed Index reads 29, firmly in "Fear". In a fearful market, a known seller becomes a magnet for short sellers who push prices toward liquidation levels to trigger the cascade.

Second, the TWAP ends hours before the CPI report. The US October CPI is due Tuesday, November 10, at 8:30 a.m. ET — about two and a half hours after the TWAP is scheduled to finish. Markets are already positioning for it: October nonfarm payrolls rose 165,000, keeping the risk of higher interest rates in focus. If the CPI comes in hot, the selling pressure from the report lands on a market that has just absorbed 16 hours of whale selling. If it comes in cool, the end of the TWAP removes a major overhang at exactly the moment buyers might return. Either way, the timing is not a coincidence traders can ignore.

Third, Ethereum is leading the liquidation wave. Of the $1.14 billion liquidated in the past 24 hours, nearly $500 million was in ETH positions — more than Bitcoin's $305 million. Ethereum is the coin where leveraged longs are hurting most, and it is also the largest leg of this wallet's unwind. A forced liquidation of 30,282 ETH would hit the same market that just absorbed half a billion dollars of ETH liquidations. Our earlier guide to how crypto liquidations work explains why forced selling is so much more violent than voluntary selling: liquidations execute at market price, with no regard for value, and they trigger the next liquidation below them.

Fourth, the wallet is selling the three coins that are already weakest. XRP is down 12.4% in a week and has lost almost 8% against Bitcoin in seven days. Solana is down 8.6% in a week with an RSI of 30.6, near oversold. Ethereum is down 7.4% in a week and just broke its 200-day average. The TWAP is not creating the weakness — it is adding mechanical selling to coins that are already falling, which is exactly how orderly unwinds become disorderly.

What Happens Next: Three Scenarios for Tuesday Morning

The next 24 hours split into three paths, and the dividing lines are the three liquidation prices in the table above.

Scenario	Trigger	What happens	Probability
Bull: clean exit	ETH holds above $2,000, XRP above $1.00, SOL above $80	TWAP finishes at 06:00 GMT, the $148M overhang disappears, and a cool CPI lets buyers step in without a known seller overhead	Base case if CPI is soft
Base: grinding pressure	Prices drift sideways, TWAP keeps selling into thin liquidity	ETH, SOL and XRP underperform Bitcoin into Tuesday, the wallet books its ~$3.3M loss, and the market stays fearful until CPI	Most likely
Bear: liquidation cascade	ETH breaks $1,900, XRP breaks $1.00, or SOL breaks $75	Short sellers pile in ahead of the liquidation prices, the TWAP cannot finish in time, and forced selling pushes one or more coins toward $1,740 / $65.60 / $0.94	Rises sharply if CPI is hot

The base case is the most likely: a slow grind lower while the TWAP runs, with the real move coming after the CPI print. But the bear case is closer than the percentages suggest. XRP needs only a 13.8% fall to reach its liquidation price, and it fell 6% in a single day on November 9. Ethereum's 17.9% gap looks safer, but ETH fell 5.6% in 24 hours and options markets now show four of Bitcoin's six most active contracts as puts at $70,000–$72,000 — protection buying that signals traders expect more downside, not less.

What Most People Get Wrong About This Story

The headlines call this "the UXLINK hacker dumping $148 million", but five common readings of the story are wrong — and each one changes what you should do about it.

Myth 1: The hacker is panic-selling. A TWAP is the opposite of panic. It is a deliberate, 16-hour, pre-programmed unwind designed to minimize market impact. Panic sellers market-sell everything at once. This wallet is doing the careful thing — which is precisely why the market should take the signal seriously: the owner has decided the positions are not worth holding, even at the cost of a $3.3 million loss.

Myth 2: The liquidation prices are price targets. A liquidation price is not a magnet the market must reach, and it is not a prediction. It is simply the price at which the wallet's margin runs out. Prices can bounce long before $1,740, and they can also blow straight through it. Treating $1,740 as "where ETH is going" is as wrong as treating it as "where ETH will stop".

Myth 3: Hyperliquid is at fault. Hyperliquid is a decentralized perpetuals exchange where positions, leverage and liquidation prices are public by design. That transparency is what lets analysts track this wallet at all. The exchange's HLP vault exists to absorb liquidations, and while it has taken losses from whale liquidations before — over $4 million in one earlier incident — the venue itself is functioning exactly as designed.

Myth 4: $148 million can crash the market on its own. It cannot. Daily crypto trading volume runs into the tens of billions, and $148 million spread over 16 hours is roughly $9 million an hour. What can move the market is the cascade: the TWAP pushes prices lower, short sellers pile in, leveraged longs get liquidated, and the forced selling does the damage. The wallet is the spark, not the fire.

Myth 5: This is only about three coins. The wallet chose ETH, SOL and XRP because they are the largest, most liquid altcoins — the ones where a $148 million position is even possible. But the signal is market-wide: a sophisticated, well-funded trader with three months of holding history has decided to exit all three at once, into weakness, ahead of a major macro report. That is a vote on the whole market, not just three coins.

Checklist: 5 Things to Watch Before 06:00 GMT Tuesday

• Watch the TWAP clock, not just the price: the unwind ends around 06:00 GMT on November 10. Selling pressure should fade after that — if prices are still falling at 07:00 GMT, something else is driving it.
• Watch XRP at $1.00 first: it is the closest liquidation in percentage terms (13.8% away) and the weakest coin of the three. A break below $1.00 puts the $0.94 liquidation on the table.
• Watch Ethereum's $2,000 level: a clean break below $2,000 opens the path toward the $1,740 liquidation price and would confirm the 200-day moving average breakdown.
• Watch Bitcoin's 200-day average at $73,170: if BTC loses it, the whole market's structure breaks and the three liquidation prices get much closer, much faster.
• Watch the CPI print at 8:30 a.m. ET Tuesday: a hot number with the TWAP just finished is the worst combination; a cool number with the seller gone is the best. Position size should reflect that you do not know which one is coming.

What It Means for Holders of ETH, SOL and XRP

For long-term holders, the honest answer is that a single wallet's unwind does not change the investment case for any of these three coins — Ethereum's network, Solana's throughput and XRP's payments rails are the same today as they were last week. What changes is the short-term risk: leveraged longs are being punished across the market, and holding a leveraged position into a known 16-hour sell-off plus a CPI report is a different decision from holding spot.

For traders, the practical implications are narrower. First, do not open fresh leveraged longs into the TWAP window — you would be buying against a known seller with a deadline. Second, if you already hold leveraged longs, know your own liquidation price the way this wallet's are now public knowledge; the market hunts visible liquidation levels. Third, remember that the end of the TWAP is itself a catalyst: when a known seller finishes selling, the absence of that selling is often what lets a bounce start. Our guide to reading the Fear and Greed Index covers how sentiment extremes like today's reading of 29 have historically marked turning points — though never on a schedule.

For anyone considering buying the dip, the context matters: our earlier dip-buying guide and our explainer on how spot Bitcoin ETFs work both stress the same point — ETF flows are the marginal buyer in this market, and they just turned negative for the year, with $1.28 billion leaving in a week. A dip is only a dip if the buyers return, and right now the biggest buyers are walking away. For background on the venue itself, see our explainer What Is Hyperliquid (HYPE)?

Frequently Asked Questions

What is the Hyperliquid whale selling?

A wallet linked to the UXLINK exploit is closing about $148 million in leveraged long positions on Hyperliquid: 30,282 ETH (about $55.5 million), 550,000 SOL (about $47.6 million) and 35.03 million XRP (about $35 million). The unwind uses a 16-hour TWAP algorithm and is scheduled to finish around 06:00 GMT on November 10, 2026.

What are the liquidation prices for the Hyperliquid whale's positions?

Ethereum liquidates at $1,740, Solana at $65.60 and XRP at $0.94, according to on-chain data reported on November 9. XRP is closest to its liquidation price at 13.8% below its current price of about $1.09, followed by Ethereum at 17.9% below $2,119 and Solana at 24.1% below $86.48.

Who is behind the wallet 0xde8d…9524?

On-chain analysts link the wallet to the September 2025 UXLINK exploit, in which attackers drained the project's multisig treasury and minted tokens, causing about $42 million in damage. Security firm PeckShield traced funds through intermediary wallets to the Hyperliquid address. The wallet opened its leveraged positions in August 2026.

How much will the whale lose by closing the positions?

On-chain trackers estimate a loss of roughly $3.3 million once the full unwind completes. The Ethereum position alone was opened near $3,168 per ETH, about a third above the current price, and the wallet has paid roughly $1.47 million in funding fees while holding the positions.

What is a TWAP and why does it matter?

A Time-Weighted Average Price (TWAP) algorithm splits a large order into small slices executed evenly over a set period — here, 16 hours. It reduces market impact versus selling everything at once, but it is also predictable: other traders can see the wallet and estimate the remaining selling, which is why the unwind acts as a known overhang on ETH, SOL and XRP until 06:00 GMT on November 10.

Will the whale's selling crash Ethereum, Solana or XRP?

On its own, no: $148 million spread over 16 hours is small against daily crypto volumes. The risk is a cascade — the TWAP pushes prices lower, short sellers pile in, and leveraged longs get force-liquidated at $1,740 for ETH, $65.60 for SOL or $0.94 for XRP. The danger rises sharply if the US CPI report on Tuesday, November 10, at 8:30 a.m. ET comes in hotter than expected.

Conclusion

The $148 million Hyperliquid unwind is a rare moment when the crypto market can see exactly what is coming: a known wallet, a known size, a known schedule ending at 06:00 GMT on Tuesday, and three known liquidation prices. The wallet linked to the UXLINK exploit has decided that holding 30,282 ETH, 550,000 SOL and 35.03 million XRP is no longer worth it — and it is paying roughly $3.3 million to get out.

Whether this ends as a clean exit or a cascade depends on three numbers: $1,740 for Ethereum, $65.60 for Solana and $0.94 for XRP — and on a fourth number nobody controls, the CPI print at 8:30 a.m. ET on Tuesday. Until the TWAP clock runs out, the smartest position is the one that respects all four. Watch the levels, know your own liquidation price, and do not confuse a seller's deadline with a buying signal.

Sources: The Currency Analytics, KuCoin News, CoinDesk, Asianet Newsable. Prices as of November 9, 2026. This article is for informational purposes only and is not financial advice.