A major short-selling whale on HyperLiquid has incurred a paper loss of approximately $5.95 million this week, according to on-chain data. The trader, who previously shorted Bitcoin at $120,000, had realized profits exceeding $30 million. Despite partially closing positions, the whale still holds 1,101.9 BTC with a liquidation price of $99,122.7. Additionally, the whale placed two limit buy orders totaling 1,300 BTC in the $67,244-$67,844 range last week, which remain unexecuted. This development highlights the volatility and risk associated with large-scale short positions in the cryptocurrency market.