A significant liquidation event occurred on the Hyperliquid platform as the prominent short holder known as "Air Force Commander" faced liquidations totaling $199 million. This followed a 2.3% rise in Bitcoin and a nearly 5% increase in Ethereum around 3 a.m. The largest single liquidation amounted to $40.22 million, marking the biggest event on the network in the past 24 hours. The "Air Force Commander" had previously held substantial short positions across multiple cryptocurrencies, including BTC, ETH, PEPE, and XRP, with a total position size nearing $500 million. The address experienced multiple liquidations across its five token positions due to the use of cross-margin mode, which lowered the liquidation prices. Despite the setbacks, the whale has since added to its long positions in various cryptocurrencies.