ETH Whale Increases Short Position with $5M USDC Amidst $5.36M Unrealized Loss

On January 4th, COINOTAG reported a noteworthy transaction monitored by LookIntoChain involving a significant whale in the crypto market. This entity, which has been engaged in shorting Ethereum (ETH) using a substantial 50x leverage on Hyperliquid, recently injected an additional 5 million USDC into its position. This maneuver raised the total position value to an impressive 53.8 million US dollars, effectively increasing the average entry point for the whale. At present, this account is dealing with an unrealized loss of approximately 5.36 million US dollars from the short position, which carries a liquidation price threshold set at $4,891.59. This development underscores the inherent risks and volatility present in the cryptocurrency markets, particularly when employing high leverage strategies.