A trader known as “ETHMegaBear” has earned roughly $84 million in total unrealized profits by shorting Ethereum on Hyperliquid, a decentralized perpetual futures exchange, according to data tracked by Lookonchain. The #ETHMegaBear(0x20c2) has racked up over $80.9M in profits by shorting $ETH — absolutely insane! This trader has been shorting $ETH on #Hyperliquid since 2024, consistently using max leverage (previously 50x, now 25x). He currently holds a 30,582 $ETH($88.9M) short.… pic.twitter.com/wgL2Ba6bHO — Lookonchain (@lookonchain) January 29, 2026ETHMegaBear has been shorting ETH on Hyperliquid since 2024, consistently using maximum leverage. ETHMegaBear’s unrealized profits on his Ethereum short grew today as ETH sold off during a broader market downturn.