According to @EmberCN, a whale/institution that previously realized $96.67M in profits from ETH swing trades transferred $15.5M USDC to Hyperliquid and opened a 20x BTC long of 980 BTC with a notional of $90.87M at an entry price of $92,885, now showing an unrealized loss of $150K; source: X post https://x.com/EmberCN/status/2008795218972430446 and Hyperdash trader page https://legacy.hyperdash.com/zh-CN/trader/0xfb78aa8f38843629e89951d9db6fdc398d75e0a3. The same entity currently holds 30,000 ETH in spot positions valued at approximately $97.7M; source: X post https://x.com/EmberCN/status/2008795218972430446. Earlier activity cited by @EmberCN shows the entity sold 10,000 ETH at $3,597 on Nov 10 for a $2.93M profit, then repurchased 19,945 ETH around $3,200 via Coinbase, Wintermute, and FalconX for approximately $63.82M; source: X post https://x.com/EmberCN/status/1989497296292384890 and DeBank profile https://debank.com/profile/0xd4584bf988c9e8994688b56484e2f74ceaeefb20.