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 ETH over the weekend, taking $747 million in losses.
Sell-off finished!#TrendResearch has deposited all 651,757 $ETH($1.34B) into #Binance at an average price of $2,055.
The total loss is ~$747M.https://t.co/e2L0pYGex3 pic.twitter.com/QpxMw6qoGc
— Lookonchain (@lookonchain) February 8, 2026
While other investors have reduced or paused their exposure, BitMine Immersion continues to accumulate Ethereum. The company added $81 million in ETH last week, raising its total holdings to 4.3 million coins.
The crypto market continues to struggle following the October 10 crash last year, which wiped out roughly $19 billion in leveraged positions and drove Ethereum from highs of nearly $4,700.