the two biggest $ETH shorts on Hyperliquid are now $281 million and $209 million. both are 5x. both already show unrealized losses of about $40 million and $27 million. their liquidations sit near $4,295 and $4,303. ether is around $2,683 after tagging $2,630, the highest print since January. if price reaches $3,000, those two shorts stay open. the squeeze risk is lower in the stack. one 25x short is only about 15% from liquidation near $3,095. forced buying starts there if ETH keeps lifting. it does not take out the $281 million whale. open interest on that venue is notional, the size of the bet, not the margin posted. Hyperliquid perp DEX open interest just made a new high near $19 billion across markets. $ETH is a slice of that. 5x can live through a wide range. 25x cannot. about 1.68 million ETH, roughly $4.5 billion, is still waiting to be staked, versus about 154,000 waiting to leave. that 10.9x tilt is a bid for yield. it does not close a 5x short that lives until $4,300. watch the $3,095 liquidation first. the headline shorts only become an emergency if price starts walking toward $4,000. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?# $BTC #Ethereum