Whale Doubles Down on $37.7M S&P 500 Short — Already $2.22M Underwater

A tracked on-chain whale has continued adding to a leveraged S&P 500 short position, now sitting at a notional $37.7 million across 5,056 contracts. The position is already carrying over $2.22 million in unrealized losses, with a liquidation price set at $8,104.94 — meaning any sustained equity rally could force an involuntary unwind.

The move is notable for its conviction: rather than cutting exposure as losses mount, this wallet has been actively increasing the short. Whether that reads as disciplined macro positioning or a costly averaging-down depends entirely on where the S&P goes next. On-chain data from HypurrScan shows the position live and growing, making it one of the larger tracked directional bets on a broad equity decline currently visible on-chain.

Source: [HypurrScan Beta](https://hypurrscan.io/address/0x4ff9b58ed112bf3df108d1d62bd95e7352ef38d3#perps)