According to data provided by Onchain Lens on February 9, a newly created wallet deposited $5 million in USDC into the decentralized trading platform HyperLiquid. This substantial deposit was used to open a high-leverage ETH short position with a leverage ratio of 20x.
The significant deposit highlights the trader's strong bearish stance on Ethereum's price movement. Amid ongoing market volatility, such a leveraged short bet has sparked considerable discussion within the crypto community.
Notably, the wallet in question was newly registered, suggesting that the entity behind it might have a unique rationale for its market outlook. Market observers are closely tracking the developments of this position and its potential impact on ETH's price trajectory.