According to on-chain monitoring by analytics platform OnchainLens, on February 13, a whale address labeled '0x982' deposited a substantial $4.8 million in USDC into HyperLiquid, a decentralized derivatives trading platform.
This was not the first move by this address. Six days prior, it had deposited $2.4 million in USDC, opening a 10x leveraged short on HYPE and a 20x leveraged long on Bitcoin.
Notably, the whale has now opened a 20x leveraged short position on ETH, signaling a strong bearish outlook for Ethereum’s near-term price movement and potentially indicating a shift in market sentiment.
Fund Movements and Market Impact
From a blockchain activity perspective, the whale’s continued accumulation suggests a clear strategic intent behind its trading decisions. High-leverage plays within a short time frame like this could draw attention from other market participants and potentially influence short-term price fluctuations.
Technical Outlook
- High-leverage shorts are inherently risky, especially in the volatile crypto market.
- Ethereum’s recent price action has been choppy, and this whale activity could intensify short-term volatility.
- Traders and investors should closely monitor on-chain flow data and the whale’s future moves.