The whale adds $8.6 million to Hyperliquid to defend against the massive short ETH position

A prominent whale, identified as wallet 0x8c58, has injected an additional $8.6 million in USDC into #Hyperliquid over the past 24 hours in an attempt to prevent the liquidation of a massive short position on Ethereum.

On July 12, the whale entered a short position with 20x leverage on $ETH

at an entry price of $2,969, with a notional value exceeding $66.7 million. Since then, Ethereum has risen more than 42% in the past month, surpassing $4,220 and putting the position deep in the red.

The blockchain tracker Lookonchain

indicates that the whale's unrealized loss is now over $20 million, but ongoing margin updates have pushed the liquidation price to $4,885.3. Additionally, the funding fees have reached $1.07 million, highlighting the cost of maintaining such a high-leverage position against the prevailing trend.

Blockchain data shows several large deposits to Hyperliquid in the last day - including transfers of $4 million, $1.6 million, and $1.1 million from #Arbitrum - indicating the trader's determination to hold the short position despite increasing losses.

As Ethereum's upward momentum continues, this position remains one of the most closely watched trades on-chain, as continued price increases could trigger one of the largest liquidations.