Recent activity from a crypto whale has captured market attention after depositing $20.5 million USDC into the decentralized trading platform Hyperliquid, opening short positions on several major cryptocurrencies.
Overview of Whale's Actions
The crypto whale, using multiple wallets, deposited $20.5 million USDC into Hyperliquid. Data analysis from Lookonchain indicates that it opened short positions on tokens such as ETH, BTC, SOL, and DOGE, as well as on lesser-known coins.
Details of Short Positions
Some positions were opened using leverage exceeding 50x, particularly against XRP and ETH. The liquidation prices were set to minimize risks while maximizing potential profits. Transaction history also shows that the whale entered the market at critical technical levels.
Market Impact on Cryptocurrencies
As previously reported, the same whale also deposited $4 million USDC and opened a short position on PUMP-USD, gaining over $110,000 in profit. Currently, PUMP is trading around $0.005259, with potential movement above the $46.75 level leading to a breakout.
The actions of this crypto whale highlight its strategy in using technical analysis and the high risks associated with opening short positions in crypto trading.
