Whale “0xFa5” Deposits 15.66M USDC to Short 28,679 ETH with 10x Leverage After $3.56M Loss

On July 2nd, blockchain analytics firm Spot On Chain reported a significant transaction involving the whale wallet “0xFa5,” which transferred 15.66 million USDC into the Hyperliquid platform. This strategic move was followed by a leveraged short position on Ethereum (ETH) at 10x leverage, reflecting a shift in market sentiment after incurring a loss of $3.56 million on a prior long ETH position earlier the same day. The current ETH short position held by this whale stands at 28,679 ETH, valued at approximately $70.1 million, with an entry price of $2,443.92 and a liquidation threshold set at $2,930.62. This activity underscores the heightened volatility and risk management strategies employed by large-scale investors in the crypto derivatives market.