A wallet on Hyperliquid has opened a $100.33 million short position on Ethereum (ETH) with 23x leverage, betting that ETH's price will not rise above $2,149.84. The position will be liquidated if ETH's price increases by less than 2% from the entry price of around $2,109. This high-risk trade highlights growing large-scale leveraged activity on Hyperliquid, which has processed over $176 billion in trading volume in 30 days and attracted institutional players due to its onchain settlement removing counterparty risk. If liquidated, the large ETH position will flood the market with 47,604 ETH, potentially impacting supply and price dynamics.
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A trader known as "0x50b3" has taken a large leveraged short position of 47,604 ETH, worth about $100 million, betting on Ethereum's price to fall below $2,149. This move comes as Ethereum struggles, down 29% year-to-date and lagging behind Bitcoin a...
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