Two significant traders have initiated a total of $116 million in leveraged short positions on Bitcoin and Ethereum through the Hyperliquid platform. A well-known trader, '1011short', has opened a $77 million short position on 700 BTC at $109,133. Another wallet has placed $39.21 million in shorts on 147 BTC and 5,656 ETH. Currently, both positions are experiencing unrealized losses as Bitcoin and Ethereum prices remain above the entry levels. Notably, '1011short' has a history of closing short positions with substantial profits, having previously earned $197 million.