$BTC 【Analysis: Most whales trading PUMP contracts on Hyperliquid are low-leverage trades, possibly primarily for arbitrage】According to on-chain analyst Ai Yi (@ai_9684xtpa), after the launch of PUMP contracts on Hyperliquid, most whales are engaging in a strategy of "a few million in margin + 1x leverage". In fact, they are likely aiming for the public arbitrage on the 12th or trying to make a quick profit on short trades.

Currently, three whales have cumulatively deposited 11 million USDC in margin, but have only opened short positions worth 2.394 million dollars. Due to the lack of a marked price, the current HYPE is in a state that is easily manipulated. If the price rises to 0.015 dollars at 11:30 this morning, then 1x leverage could lead to forced liquidation due to insufficient margin.

Among them, the address 0xAc7...D53ce is the most aggressive, using 4 million USDC in margin to open a 2x short position, with a position value of 1.074 million dollars, an opening price of 0.00504 dollars, and a closing price of 0.02138 dollars.