Recent swings in Ethereum prices have led major investors to rethink their positions, except for BitMine, which acquired $81 million in Ethereum last week.
A crypto trader deposited $5 million in USDC into Hyperliquid, a decentralized perpetual futures exchange built, and opened a highly leveraged bet against Ethereum, according to data tracked by Lookonchain.
The newly created wallet, identified as 0x15a4, established a 20x short position on 30,000 ETH with a notional value of roughly $607 million. The position faces automatic closure if Ether rises to $2,143, representing an approximately 6% increase from current levels.
Heightened volatility in ETH has prompted holders to adjust their strategies.
Trend Research, connected to Liquid Capital, offloaded 651,757 E