An on-chain trend worth paying attention to: On a certain leading exchange HyperLiquid platform, a whale account has been active frequently recently. First, it deposited 3 million USDC to enter the market, then immediately took a series of short positions.

Specifically, the overall position of this account has expanded to a scale of $61.9 million. Among them, ETH accounts for the majority—18,260.74 ETH shorted with 25x leverage, equivalent to about $60.63 million. Additionally, on XMR, it holds 1,838.06 coins with 5x leverage, valued at approximately $1.27 million.

From the position allocation, this is definitely not a casual tester. ETH makes up over 97%, and it uses a quite aggressive leverage of 25x, which means even a 3-4% price fluctuation could trigger liquidation. The actions of such large traders often reflect their true judgment of the recent market—this one is clearly bearish on Ethereum's short-term trend.