A high-profile whale, identified as wallet 0x8c58, has injected an additional $8.6M USDC into #Hyperliquid over the past 24 hours in a bid to prevent the liquidation of a massive Ethereum short position.
On July 12, the whale entered a 20x cross-leverage short on $ETH at an entry price of $2,969, worth over $66.7M in notional value. Since then, Ethereum has rallied more than 42% in the past month, pushing above $4,220 and placing the position deep in the red.
Onchain tracker Lookonchain
The whale’s unrealized loss now sits at over $20M, but constant margin top-ups have pushed the liquidation price to $4,885.3. Funding fees have also hit $1.07M, underscoring the cost of maintaining such a high-leverage position against the prevailing trend.
Blockchain data shows multiple large deposits to Hyperliquid in the last day — including $4M, $1.6M, and $1.1M USDC transfers from #Arbitrum — signaling the trader’s determination to hold the short despite mounting losses.
With Ethereum’s bullish momentum still intact, this position remains one of the most closely watched on-chain trades, as a continued price surge could force one of the largest liquidations in recent memory.
#ETH4500Next? #BinanceAlphaAlert #CryptoIn401k #USFedNewChair
