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Recently, interesting activity has been happening on Hyperliquid. It seems that a certain whale is making a significant bet on ETH versus BTC, accumulating a $21.4 million ETH short position. They are likely targeting Ethereum's relative weakness against Bitcoin.
This whale is building a very aggressive position, investing all their available funds of $2.18 million with 20x leverage. They only have $38.7 thousand in available defense funds for withdrawals, so they are almost fully committed to this move. Having already lost a total of $1.02 million, it appears they are aiming for a binary outcome with the price movements this week.
Depending on the ETH/BTC trend, there is a 33.5% buffer up to the liquidation price of $2,841, which is the last line of defense. Since this is a 100% concentrated position without hedging, everything depends on how the Bitcoin-to-Ethereum market moves. Watching such large players move really conveys the tension in the market.