Western Digital Shares Jump as Hyperliquid WDC Token Rises and Whale Short Position Nears Liquidation

Western Digital (WDC) surged in a single day, while the WDC token on Hyperliquid rose 11.86% over the past 24 hours to $654.68 on June 30. According to BlockBeats On-chain Detection, a major on-chain trader previously described as a leading “storage short” opened a 10x leveraged short position at an average price of $642.35. The position was reported to have a notional size of $47.9 million, with a current position value of about $6.71 million. The liquidation price was listed at $673.41, about 2.9% above the current price. Market-wide, large short positions totaled about $6.7 million, roughly 2.66 times the size of long positions at about $2.5 million. The average entry price for longs was around $645.22, compared with about $642.35 for shorts. On the news front, Melius Research initiated coverage of Western Digital with a “buy” rating and a $1,050 price target. Cantor Fitzgerald maintained a “buy” rating and raised its price target to $900. The report also cited the company’s recent quarterly revenue beating expectations, up 45% year over year.