The on-chain whale who opened a 24,500 ETH position on Hyperliquid over two days is now sitting on an unrealized loss of about $3.5 million. Positions like this aren’t easily stopped out; a more likely scenario is a rebound that lures in longs, followed by another move down to liquidate leveraged positions. An OG address bought 3,672 ETH within a week and now holds over 210,000, but its trades—selling 5,368 at 2,739 and buying back 6,087 at 2,031—show that even big players are pushing prices down before accumulating again. The hourly chart remains capped by the EMA, and the liquidation map shows a large buildup of longs between 2,000 and 2,035. The bearish thesis hasn’t changed.

I’d just pressed my phone awake on the food-delivery box mount to check the market when a call came in asking about an order. I didn’t answer; I placed a short first. Price is around 2,079 now. Scale into shorts on a rebound to 2,084–2,098, with a stop at 2,124. If it breaks below 2,035, first target 2,012, then reduce the position near 1,995. Don’t get greedy—take the win when it gets there.

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