Four newly created wallet addresses deposited 1 million USDC into Hyperliquid and opened 40x leveraged short positions on Bitcoin before the market fell early on Oct. 7, according to on-chain tracker Lookonchain. The combined position value was reported at $12.5 million. The move was cited by BlockBeats in a brief market update. The report did not disclose additional details about the identity of the addresses beyond describing them as newly created. Hyperliquid was named as the trading venue, while Bitcoin was the asset being shorted. The timing of the trades, placed before the early-morning sell-off, drew attention because of the high leverage and the concentration across four new addresses.
Four newly created addresses deposited 1 million USDC into Hyperliquid and opened 40x leveraged short positions on Bitcoin before the market dropped early on Oct. 7, according to Lookonchain.
The position was valued at $12.5 million, according to the BlockBeats report.
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