ETH Whale Tops Up $4M USDC Margin to Sustain 20x–25x High-Leverage Short
On-chain data from HyperLiquid shows an ETH whale first deposited $2.91M USDC to open a 25x leveraged short on Ethereum (ETH) and later topped up its USDC deposit to $4M, reducing leverage to 20x to raise its liquidation price.
The whale still holds $14M in unrealized losses and $26M in total losses. This active margin management underscores persistent bearish sentiment among major investors and highlights DeFi’s on-chain transparency.
Traders should monitor ETH whale movements, leverage ratios and liquidation thresholds on HyperLiquid, as these could trigger forced liquidations and heighten ETH price volatility in the near term.
Bearish
The whale’s continued margin top-ups to sustain a high-leverage short on ETH signal strong bearish conviction. Maintaining 20x–25x leverage underlines the expectation of further price declines, while the large unrealized losses suggest limited appetite to close the position at current levels. In the short term, forced liquidations or further deposits could amplify ETH volatility. Over the long term, this activity may weigh on bullish sentiment unless ETH reverses its downtrend and triggers a cascade of margin calls.