According to @OnchainLens, a whale who previously made $11M primarily by shorting ETH has deposited $4M USDC into HyperLiquid to expand a 25x ETH short, with the position currently valued at $34.83M and a liquidation price of $3,587.25, based on CMMHyperTracker data. According to CMMHyperTracker data relayed by @OnchainLens, 25x leverage implies roughly $1.39M of margin backs the $34.83M notional, and the new $4M deposit at 25x represents up to $100M of deployable notional capacity. According to CMMHyperTracker levels cited by @OnchainLens, the $3,587.25 mark is the key liquidation trigger to monitor for potential forced cover activity on this address.