Mars Finance reports that a prominent on-chain analyst, Ai Yi (@ai_9684xtpa), has identified a significant market participant who has executed four separate BTC short positions since March 2025. This whale has injected an additional 5.5 million USDC as margin on the Hyperliquid platform to sustain its open positions. The trader currently holds a substantial short exposure of 1,135.02 BTC, valued at roughly $131 million, which remains at an unrealized loss of approximately $9.135 million. The liquidation threshold is set at a BTC price of $121,070, underscoring the high-risk leverage employed. This data highlights the ongoing volatility and strategic positioning within the crypto derivatives market, providing critical insight for investors monitoring institutional activity and risk management dynamics.