based on materials from the site - By CoinoMedia
A major crypto whale identified as wallet 0x8c58 made another large deposit to support a risky trade. In the last 24 hours, the whale transferred $8.6 million USDC to the decentralized exchange Hyperliquid. This move was aimed at increasing the margin on a huge short position in Ethereum ($ETH), which has been steadily moving against him.
The whale initially opened a short position on July 12, betting that ETH would fall from the $2969 mark. However, the market had other plans. The price of ETH rose, putting his position at risk of liquidation.
Instead of closing the losing trade, the whale repeatedly injected additional funds to support it. This strategy is often risky — adding margin can delay liquidation but also increases potential losses if the market continues to move against the position.
According to blockchain data, the whale's total unrealized loss now amounts to $20 million. Despite the difficulties, the latest margin injection raised his liquidation price to $4885.3, meaning that ETH must rise significantly before his position is forcibly closed.
Such large-scale actions may attract the attention of the crypto community for two reasons: the enormous size of the capital involved and the psychology of refusing to close a losing position. While whales have the resources to endure significant drawdowns, this strategy can turn catastrophic if market trends continue to go against them.
At this point, the whale's bet remains active, and traders will be closely watching whether the price movement of Ethereum confirms his stubbornness or increases his already significant losses.
#MarketRebound , #Сryptomarketnews
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